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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90F_edei--EntityRegistrantName_c20230101__20231231_zyoDzcEyUYjj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000028" name="dei:EntityRegistrantName">CBL
INTERNATIONAL LIMITED</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
name of Registrant as specified in its charter)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zA8onuo198hk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000029" name="dei:EntityIncorporationStateCountryCode">Cayman
Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
of incorporation or organization)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--EntityAddressAddressLine1_c20230101__20231231_zvFHpCTzbTLj"><span id="xdx_901_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zUk0anNvQrcf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000030" name="dei:EntityAddressAddressLine1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000031" name="dei:EntityAddressAddressLine1">Level
23-2 Permata Sapura</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityAddressAddressLine2_c20230101__20231231_zs8bHxHPFESk"><span id="xdx_902_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zA3yy3oxEb4l"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000032" name="dei:EntityAddressAddressLine2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressAddressLine2">Kuala
Lumpur City Centre</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressPostalZipCode_c20230101__20231231_zcgdt8gL3xx4"><span id="xdx_908_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zHGYxhQhx7nl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000034" name="dei:EntityAddressPostalZipCode"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:EntityAddressPostalZipCode">50088</ix:nonNumeric></ix:nonNumeric></span></span>
<span id="xdx_903_edei--EntityAddressCityOrTown_c20230101__20231231_z5HUxjQ4XPp7"><span id="xdx_901_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zkNalXXehtxh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000036" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:EntityAddressCityOrTown">Kuala Lumpur</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressCountry_c20230101__20231231_zDXY6cwWDMk7"><span id="xdx_90F_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8LnRgcYlXK4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000038" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000039" name="dei:EntityAddressCountry">Malaysia</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive offices)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z2vZShSoTauk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000040" name="dei:ContactPersonnelName">Teck
Lim CHIA</ix:nonNumeric></span>, Chief Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
<span id="xdx_90B_edei--CountryRegion_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zwxcvpGg457j"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000041" name="dei:CountryRegion">+60</ix:nonNumeric></span> <span id="xdx_902_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zbhyZhcYHXwd"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000042" name="dei:CityAreaCode">3</ix:nonNumeric></span> <span id="xdx_900_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOb1Tl0dtK23"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000043" name="dei:LocalPhoneNumber">2706 8280</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
<span id="xdx_90F_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_ze13EotnW58c"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000044" name="dei:ContactPersonnelEmailAddress">wchia@cbl-grp.com</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>At
the address of the Company set forth above</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Nasdaq Stock Market LLC</ix:nonNumeric></span></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g): None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zXiucSTxteX8"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000048" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction></span>
ordinary shares were outstanding as of December 31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9746; <span id="xdx_907_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zLARtbJnzyAh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:EntityWellKnownSeasonedIssuer">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. &#9744; Yes &#9746; <span id="xdx_909_edei--EntityVoluntaryFilers_c20230101__20231231_zDtS98fBPW6h"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000050" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. &#9746; <span id="xdx_90A_edei--EntityCurrentReportingStatus_c20230101__20231231_zT9Np0B8Tu6k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). &#9746; <span id="xdx_90B_edei--EntityInteractiveDataCurrent_c20230101__20231231_z6XDrUwBTd2h"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_900_edei--EntityFilerCategory_c20230101__20231231_z8HbIY84JXe9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000053" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--EntityEmergingGrowthCompany_c20230101__20231231_zdGsVkrxd5Tl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000054" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_906_edei--EntityExTransitionPeriod_c20230101__20231231_zp1c2klhwqjb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000055" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_903_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zEYELhtft4mk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000056" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90B_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zaQtlRq7mP71"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000057" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--DocumentAccountingStandard_c20230101__20231231_zbnktjeOgjsf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000058" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued<br/>
    by the International Accounting Standards Board &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which consolidated financial statement
item the registrant has elected to follow. &#9744; Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities
Exchange Act of 1934). &#9744; Yes <span id="xdx_903_edei--EntityShellCompany_dbF_c20230101__20231231_zeJXaUXIYHwc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000059" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span> No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. &#9744; Yes &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
of Contents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#aj_001">PART
    I.</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_002">IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_003">OFFER
    STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_004">KEY
    INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_005">INFORMATION
    ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">16</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_001">UNRESOLVED
    STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">24</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_002">OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">24</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_003">DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">32</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_004">MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">42</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_005">FINANCIAL
    INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">43</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_006">THE
    OFFER AND LISTING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">43</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_007">ADDITIONAL
    INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">44</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_001">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">54</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_002">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">54</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#dda_003">PART II.</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_004">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">55</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_005">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">55</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_006">CONTROLS AND PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">55</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_007">AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">56</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_008">CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">56</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_009">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">57</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_010">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">57</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_011">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">57</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_012">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">57</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_013">CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">57</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_014">MINE SAFETY DISCLOSURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_015">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#dda_018">PART III.</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_019">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">59</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_020">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">59</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dda_021">EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">59</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONVENTIONS
THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
we indicate otherwise, references in this report to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banle
    BVI&#8221; are to Banle International Group Limited, a company incorporated in the BVI with limited liability on July 2, 2020, and
    our direct wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banle
    China&#8221; are to Banle International (China) Limited, a company incorporated in Hong Kong with limited liability on March 31,
    2021, and our indirect wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banle
    Energy HK&#8221; are to Banle Energy International Limited, a company incorporated in Hong Kong with limited liability on August
    18, 2015, and our indirect wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banle
    Europe&#8221; are to Banle International (Europe) Limited, a company incorporated in Dublin of Ireland with limited liability on
    September 13, 2023, and our indirect wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banle
    Ireland&#8221; are to Banle International (Ireland) Limited, a company incorporated in Dublin of Ireland with limited liability on
    October 27, 2023, and our subsidiary being 55% held by us indirectly;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banle
    Malaysia&#8221; are to Banle International (Malaysia) Sdn Bhd, a private company limited by shares duly incorporated in Malaysia
    on July 16, 2020, and our indirect wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banle
    Marketing&#8221; are to Banle International Marketing Limited, a Labuan company limited by shares incorporated in the Federal Territory
    of Labuan, Malaysia on August 18, 2020, and our indirect wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CAGR&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CBL
    International&#8221; are to CBL International Limited, an exempted company incorporated with limited liability in the Cayman Islands
    on February 8, 2022;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;China&#8221;
    and the &#8220;PRC&#8221; are to the People&#8217;s Republic of China, excluding, for the purposes of this report only, Taiwan, the
    Hong Kong Special Administrative Region and the Macao Special Administrative Region;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Companies
    Act&#8221; are to Companies Act, Cap.22 (Act 3 of 1961, as combined and revised) of the Cayman Islands;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;FY2021&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;FY2022&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;FY2023&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;HK$&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Hong
    Kong&#8221; are to the Hong Kong Special Administrative Region;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IPO&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Majestic
    Energy&#8221; are to Majestic Energy (Shenzhen) Co. Limited, a company established in the PRC with limited liability on April 29,
    2021, and our indirect wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Majestic
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    on January 11, 2022, and our indirect wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MOPS&#8221;
    are to Mean of Platts Singapore, the average set of Singapore-based oil product price assessments published by Platts and the benchmark
    price in Asia for most refined products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Operating
    Subsidiaries&#8221; are to Banle Marketing, Banle Energy HK, Majestic Energy (Singapore) and Banle Malaysia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ordinary
    shares&#8221; are to our ordinary shares, $0.0001 par value per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Reliance
    HK&#8221; are to Reliance (China) Limited, a company incorporated in Hong Kong with limited liability on April 1, 2012, and our indirect
    wholly-owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;RM&#8221;
    is to Malaysian ringgit, the legal currency of Malaysia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;$,&#8221;
    &#8220;U.S. dollars,&#8221; or &#8220;dollars&#8221; are to the legal currency of the United States; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;we,&#8221;
    &#8220;us,&#8221; &#8220;our Company,&#8221; &#8220;our Group&#8221; and &#8220;our&#8221; are to, prior to the reorganization, Banle
    BVI and, after the reorganization, CBL International, in each case together with its consolidated subsidiaries as a consolidated
    entity, as the context requires.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties, including statements based on our
current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements are made under
the &#8220;safe harbor&#8221; provision under Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and
as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied
by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221;
&#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;is/are likely to&#8221; or other similar
expressions. The forward-looking statements included in this annual report relate to, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    goal and strategies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expansion plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    future business development, financial condition and results of operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    changes in our revenues, costs or expenditures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    trends in, and size of, the bunkering market in the Asia Pacific and Europe;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expectations regarding demand for, and market acceptance of, our products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expectations regarding our relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    in our industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">laws,
    regulations, and policies relating to the bunkering industry in the Asia Pacific and Europe; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic and business conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read these statements in conjunction with the risks disclosed in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; of
this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Moreover, we
operate in an evolving environment. New risks may emerge from time to time, and it is not possible for our management to predict all
risks, nor can we assess the impact of such risks on our business or the extent to which any risk, or combination of risks, may cause
actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements made in this
annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required
by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which
the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and the documents that
we have referred to in this annual report, completely and with the understanding that our actual future results may be materially different
from what we expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_001"></span>PART
I.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_002"></span>ITEM
    1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_003"></span>ITEM
    2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFFER
    STATISTICS AND EXPECTED TIMETABLE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_004"></span>ITEM
    3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KEY
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.A.
<span style="text-decoration: underline">[Reserved]</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.B.
<span style="text-decoration: underline">Capitalization and Indebtedness</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.C.
<span style="text-decoration: underline">Reasons for the Offer and Use of Proceeds</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.D.
<span style="text-decoration: underline">Risk Factors</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should carefully consider each of the following risks and all the other information contained in this 2023 20-F Report in evaluating
us and our common stock. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated.
Our business, financial condition, results of operations and cash flows could be materially and adversely affected by these risks, and,
as a result, the trading price of our common stock could decline. We have in the past been adversely affected by certain of, and may
in the future be affected by, these risks. You should not interpret the disclosure of any risk factor to imply that the risk has not
already materialized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Business and Industry</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a marine fuel logistics company and rely on the permits and licenses of our suppliers for the actual delivery of marine fuel to our
customers. Under our business model, we are not involved in the handling of marine fuel or other chemicals. Therefore, we do not consider
ourselves directly subject to risks relating to environmental protection and hazard control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business scale largely depends on the trade credit provided by our suppliers. Any reduction or termination of trade credit from our suppliers
would adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an established marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering facilitator
in the bunkering industry, we are generally required by our suppliers to settle the full payment of our orders with payment terms up
to 30 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
constantly receive inquiries from customers for quotations and orders. However, due to our limited financial resources including but
not limited to trade credit offered by suppliers, we can only accept orders which are commercially viable to us. In seeking trade credit
from new suppliers or existing suppliers to maximize our capability for accepting orders, our suppliers will generally impose stringent
internal control policies to select approved customers, including assessing background information, financial information, quantity of
marine fuel to be purchased and taking references from credit reports. Therefore, we have to apply to suppliers to be their approved
customers prior to the commencement of any business relationships. There is no assurance that our applications will be approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, the trade credit would be reviewed and assessed by suppliers from time to time. There is no assurance that our suppliers will
maintain the trade credit and/or credit terms offered to us. In the event that our suppliers decide to reduce or terminate the trade
credit and/or credit terms offered to us, our working capital would be insufficient thus our day-to-day operations would be adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on the orders from our top five customers during FY2022 and FY2023 and loss of any of them would adversely affect our business,
results of operations and profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
FY2022 and FY2023, the revenue from our five largest customers accounted for approximately 73.6% and 70.0%, respectively, of our total
revenue. Accordingly, we are heavily dependent on the relationships with our top five customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no assurance that our top five customers will continue to use our services or that the Group can successfully maintain the relationship
with them in the future. In the event that the Group is unable to retain these customers or to successfully seek a replacement or the
major customer substantially reduces its demand for our services, our business, results of operations and profitability would be adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are susceptible to fluctuations in marine fuel prices. Any significant increase in marine fuel price may adversely affect our working
capital requirements and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marine
fuel prices may fluctuate out of our control due to, global economic conditions, changes in global crude oil prices, expected and actual
supply of and demand for marine fuel, political conditions, changes in laws and regulations related to environmental matters, changes
in pricing or production controls by the Organization of the Petroleum Exporting Countries (OPEC), technological advances affecting energy
consumption and supply, energy conservation efforts, price and availability of alternative fuels, and weather.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fluctuations in marine fuel prices may affect our working capital requirements. Since our operation scale is limited by our working capital,
for a given period of time, if the marine fuel prices increase, we could purchase less marine fuel from suppliers with the same level
of financial resources available to us. We are therefore vulnerable to such changes. In the event that there is a significant increase
in the price of marine fuel, we might require additional working capital in order to fulfil the same level of customers&#8217; needs
and our profitability may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to the risk that our competitors may undercut marine fuel prices, which would adversely affect our Group&#8217;s business
and financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our competitors undercut marine fuel prices to increase their market share and we fail to effectively compete with them, customers may
choose to procure vessel refueling services from such competitors, causing a shortfall in our revenue that would adversely affect our
business and financial results due to such intensified competitive environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group does not enter into long-term agreements with our customers and we cannot assume that our customers will continue to use our vessel
refueling services, nor can we accurately forecast future orders from our customers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group does not normally enter into agreements with customers under a term of over six months. They are not obliged to continue to use
our services at a level similar to that in the past or at all. The volume of their orders might vary significantly, and it is difficult
for us to forecast future orders accurately. Our customers&#8217; level of demand may fluctuate due to factors out of our control, such
as changes in their business strategies, purchasing preferences and product trends. If any of our major customers terminates its business
relationship with us, and we fail to secure new customers or new orders from other existing customers in a timely manner, our business
operations, financial performance and profitability would be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on our top five suppliers for the supply of marine fuel during FY2022 and FY2023 and loss of any of them would adversely
affect our business, results of operations and profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
FY2022 and FY2023, the amount of purchases from our five largest suppliers accounted for approximately 68.9% and 52.8%, respectively,
of our total cost of revenue; and the purchases from our largest supplier accounted for approximately 30.7% and 15.7% of total cost of
revenue, respectively. Accordingly, we are heavily dependent on the relationships with our five largest suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no assurance that there will be no deterioration in our relationships with our five largest suppliers, which would have an impact
on our ability to secure future purchases of marine fuel. Any shortage of or delay in the supply of marine fuel by our five largest suppliers
would affect our ability to fulfil our customers&#8217; demands. As such, our customers may choose to procure vessel refueling services
from alternative service providers, causing a shortfall in our revenue that would adversely affect our business and financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be exposed to the credit risks of our customers while we remain subject to satisfying payment obligations to our suppliers, which
would adversely affect our financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial position and profitability are dependent to a large extent on the creditworthiness of our customers and their ability to settle
the outstanding amount owed to our Group in accordance with the credit periods we have granted to them. During FY2022 and FY2023, the
payment terms of our customers who are mainly international container liner operators, range from nil to 45 days. Meanwhile, the payment
terms to our suppliers range from nil to 30 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
we experience any delays or difficulties in collecting payments from our customers, while remaining obligated to satisfy our ongoing
payment obligations to our suppliers, we may be required to consider alternative sources of financing and/or defer on our own payment
obligations. This may have a negative impact on the Group&#8217;s cash flow and we may have insufficient working capital to run our day-to-day
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
failure of delivery of marine fuel timely to our customers, which would adversely affect our Group&#8217;s reputation, business, financial
condition, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
arrange third parties to handle the physical distribution of marine fuel to vessels. The failure of third parties to physically deliver
the marine fuel in accordance with the contractual terms would arise from various causes, including but not limited to, interruption
of their business, such as, bunker barge engine failure with no alternative bunker barges available. We might need to arrange another
supplier to handle the physical delivery of marine fuel, which may cause a delay in meeting our customer&#8217;s requirements. In the
event that no other supplier is available to handle the physical delivery, our relationship with our customers may be adversely affected
and we may be subject to claims and other liabilities, which, in turn, would have an adverse effect on our business, financial condition
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the reputation we have built over the years serves a significant role in attracting customers and securing our customers&#8217;
orders. Whether or not we can maintain or promote our reputation depends largely on our ability to provide vessel refueling services
to our customers in a timely manner. If we fail to meet their needs or are unable to deliver marine fuel requested by them at the designated
port in a timely manner, our customers may no longer perceive our services to be of a high quality and our reputation would be adversely
affected. This will, in turn, adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
significant change in container liner schedules would have an adverse effect on our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asia
Pacific and Europe are both the key regions of marine fuel consumptions with respectively, a market share of approximately 39.4% and
21.0% of global marine fuel consumption volume in 2023 driven by their significant share in the global trade and frequent business activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
of our revenue is from international container liner operators whose vessels sail on regular routes and schedules. In the event that
the regular routes, such as the Intra-Asia route, Euro-Asia route and Trans-Pacific route are shortened or suspended permanently or temporarily
or liner service schedules are less frequent which are beyond our control, the demand for marine fuel may significantly decrease and
our business may be adversely affected. In the event that the regular routes are replaced by other ports which fall outside our supply
network of 55+ ports in the Asia Pacific and Europe, that cover South Korea, China, Japan, Taiwan, Hong Kong, Philippines, Vietnam, Singapore,
Malaysia, Thailand, Turkey and Belgium, the demand for marine fuel for refueling may significantly decrease and our business would be
adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
failure to maintain the license to carry on our international commodity trading business in the Federal Territory of Labuan, Malaysia
may adversely affect our business, operations and profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
December 28, 2020, we have been holding a license issued by Labuan Financial Services Authority to carry on our international commodity
trading business under the Global Incentives for Trading Program for the supply of marine fuel. The license does not have an expiry date.
It is automatically renewed once we pay the license fees to the authority. However, if we fail to comply with the requirements or meet
certain criteria as stated in the conditional approval letter, Labuan Financial Services and Securities Act 2010, Labuan Business Activity
Tax Act 1990 and any of the relevant rules and regulations, where applicable, such license may be suspended or revoked or not be automatically
renewed. In such cases, our Malaysian subsidiary, Banle Marketing, may not be entitled to have tax incentives to lower its operational
costs, and our business, operations and profitability may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to implement our business development strategies or expansion plans successfully.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
successful implementation of our Group&#8217;s business strategies including but not limited to the expansion into the bunkering market
in Europe is subject to various uncertainties and contingencies, such as the growth of the market, availability of funds, competition
and government policies. Factors such as the relationships with our customers and suppliers, the global economic conditions, the availability
of sufficient working capital and cash flows, the threat of competitors and substitutes, new market entrants, an economic downturn or
changes in market conditions or performance, may delay or impede the implementation of our Group&#8217;s business strategies. Any delay
or failure to successfully implement our Group&#8217;s business strategies may result in the loss in sales and failure to meet profit
projections, any of which may adversely affect our Group&#8217;s business, operating results and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be involved in disputes and/or legal proceedings arising from our operations from time to time and may face significant legal liabilities
as a result.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be involved in disputes with and subject to claims from, among others, our employees, customers, suppliers and other parties from
time to time in respect of various matters, including delay in delivery, complaints about the quality of marine fuel and personal injury
which may lead to claims for damages against us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no assurance that we may be able to resolve every instance of a dispute by way of negotiation and/or mediation with the relevant parties.
If we fail to do so, it may lead to legal and other proceedings against us, and consequently we may have to incur significant expenses
to defend ourselves or initiate proceedings against other parties to protect our interest. Furthermore, if we fail to obtain favorable
outcomes in such proceedings, we may be liable to pay significant amounts of damages which may adversely affect our operations and financial
results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to adapt to market trends in the bunkering industry would adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternative
fuels, such as biofuel, liquefied natural gas (the &#8220;LNG&#8221;), liquefied petroleum gas (the &#8220;LPG&#8221;), methanol, ammonia,
and hydrogen, are becoming more common in the shipping industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, governments could enact legislation or regulations that attempt to control or limit greenhouse gas emissions such as carbon
dioxide. Such laws or regulations could impose costs tied to carbon emissions, operational requirements or restrictions, or additional
charges to fund energy efficiency activities. They could also provide a cost advantage to alternative fuels, impose costs or restrictions
on end users of marine fuel, or result in other costs or requirements, such as costs associated with the adoption of new infrastructure
and technology to respond to new mandates. The options to comply with tightened environmental protection laws may include switching to
alternative fuels. If alternative fuels become the major marine fuel in the future, there is no assurance that we would be able to adapt
to such trend and our business and financial results would be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Change
in regulation resulting our suppliers and customers being required to obtain various permits and/or licenses would adversely affect our
business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide marine fuel logistic services through various ports in the Asia Pacific and Europe, and we would be adversely affected by changes
in regulations in the countries and regions where our suppliers and customers are registered. If the relevant governmental departments
or organizations release new laws and regulations for the industries in their countries or regions where our suppliers and customers
operate, various permits and/or licenses need to be granted and maintained upon their compliance with, amongst others, the applicable
criteria set by the relevant governmental departments or organizations. Such criteria may include continued compliance with certain financial,
technical and management requirements and the standards of compliance required thereto may change from time to time and we may be required
to suspend our operations and may not be able to deliver vessel refueling services due to the inability of our suppliers and customers
to obtain and maintain the relevant permits and/or licenses. There are circumstances which are out of our control and may affect our
suppliers and customers&#8217; ability to obtain and/or maintain such permits and/or licenses or lead to a suspension or demotion of
such permits, licenses and/or qualifications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the validity of these permits and/or licenses may last for a limited period of time and may be subject to periodic reviews and renewal
by the relevant governmental departments or organizations. The failure for our suppliers and customers to obtain and maintain the relevant
permits and/or licenses will, in turn, indirectly adversely affect our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
technology failures and data security breaches would have an adverse effect on our business, financial condition, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely upon our information technology and communications systems to support key business functions and the efficient operation of these
systems is critical to our business. Our information technology systems, including our back-up systems and external cloud services, could
be damaged or interrupted by power outages, computer or telecommunications failures, viruses, security breaches, natural disasters, and/or
errors by our employees, service providers or vendors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant disruption in the functioning of these systems could damage our reputation, impair our ability to conduct our business, impact
our credit and risk exposure decisions, cause us to lose customers, subject us to litigation and/or require us to incur significant expense
to address and remediate or otherwise resolve these issues, which would have an adverse effect on our business, financial condition and
results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in a highly competitive industry, and failure to compete efficiently would adversely affect our operations and financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bunkering industry in the Asia Pacific and Europe is highly competitive and fragmented. Other bunkering facilitators and bunkering arms
of oil majors or traders may also engage in provision of vessel refueling services across the Asia Pacific and Europe. We consider our
main competitors to be other bunkering facilitators, but we also face competition from local physical distributors that supply marine
fuel directly to ship operators. The keen competition might result in a loss of market share which would have an adverse effect on our
business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Global
economic development and the level of international trade are critical factors affecting the demand for marine fuel, and a decline in
international trade would adversely affect our business, financial condition, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
demand for marine fuel is primarily driven by the level of activity in the marine transportation industry, in particular the number of
vessels active at sea and the size of order books for new vessels. Economic downturns in one or more countries or regions, particularly
in Asia, the European Union, the United States and other countries and regions with consumer-oriented economies, have in the past, and
could in the future, reduce international trade volumes, which directly affects the demand for shipping services, and, in turn, the demand
for marine fuel. Any reduction in demand for marine fuel would adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
networks and those of our third-party service providers may be vulnerable to cybersecurity risks. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
network and those of our third-party service providers and our customers may be vulnerable to unauthorized access, computer attacks,
viruses and other security problems. Persons who circumvent security measures could wrongfully access and obtain or use information on
our network or cause service interruptions, delays or malfunctions in our devices, services or operations, any of which could harm our
reputation, cause demand for our products and services to fall, and compromise our ability to pursue our business plans. Recently, there
have been reported several significant, widespread security attacks and breaches that have compromised network integrity for many companies
and governmental agencies, in some cases reportedly originating from outside the United States. In addition, there are reportedly private
products available on the market today that may attempt to unlawfully intercept communications made using our network. We may be required
to expend significant resources to respond to, contain, remediate, and protect against these attacks and threats, including compliance
with applicable data breach and security laws and regulations, and to alleviate problems, including reputational harm and litigation,
caused by these security incidents. Although we have implemented and intend to continue to implement security measures, these measures
may prove to be inadequate. These security incidents could have a significant effect on our systems, devices and services, including
system failures and delays that could limit network availability, which could harm our business and our reputation and result in substantial
liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Doing Business in the Jurisdictions We Operate</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Economic,
political, and other risks associated with operations in the countries in which we operate may adversely affect our business, financial
condition and operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
we provide a one-stop solution for vessel refueling in the Asia Pacific and Europe, our business is subject to risks associated with
conducting business in the countries in which we operate. Our business, financial condition and results of operations would be adversely
affected by a variety of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">trade
    protection measures which would increase our costs or prevent us from continuing certain of our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of hiring and retaining management for our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty
    in managing widespread operations, which would affect our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected
    changes in regulatory requirements, which would be costly and require significant time to implement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">laws
    restricting us from repatriating profits earned from our activities within foreign countries, including the payment of distributions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental
    actions that may result in the deprivation of our contractual rights or the inability to obtain or retain authorizations required
    to conduct our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">political
    risks specific to foreign jurisdictions; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">terrorism,
    war, civil unrest and natural disasters.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in the economic and political policies of the PRC government might adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
FY2022 and FY2023, part of our revenue was generated from arranging the delivery of marine fuel in ports located in the PRC. Accordingly,
our business, results of operations, financial condition and prospects are subject to economic, political and legal conditions in the
PRC. The economy of the PRC is affected by, among others, government regulation, the level of development, growth rate and the allocation
of resources. Any changes in the political, economic and social conditions of the PRC may affect our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction
of new laws or changes to existing laws by the PRC government in relation to our customers and suppliers may affect our business in the
PRC. There is no assurance that the PRC authorities will not issue further directives, regulations, clarifications or implementation
rules requiring our suppliers to obtain further approvals to carry out physical delivery of marine fuel in the PRC or requiring our customers
to obtain approvals to purchase marine fuel in the PRC. Such changes in laws or policies in the PRC may adversely affect the business
of our customers and suppliers and, in turn, adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Group may be subject to tax audit and investigation in Malaysia.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Malaysia tax regime utilizes a self-assessment system. Companies in Malaysia have legal obligations to make self-assessment on the tax
payable and file necessary tax returns annually with their remittance of tax. The Malaysian Inland Revenue Board is empowered by the
Malaysian Income Tax Act 1967 to carry out audit and investigation on persons chargeable to determine, inter alia, whether their tax
returns are accurate and complete. The Malaysian Income Tax Act 1967 also empowers the Malaysian Inland Revenue Board to impose additional
tax and/or penalties on persons chargeable if the Malaysian Inland Revenue Board determines that the persons chargeable are in fact subject
to more tax payables than are reported in the self-assessed tax returns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group calculates the amount of taxes and makes payment thereof in accordance with the applicable tax laws. Our Group may be subject to
additional taxes or penalties if the Malaysian Inland Revenue Board has a different view from us with respect to our self-assessed tax
in our filed tax returns. In the event that the Malaysian Inland Revenue Board imposes additional tax or penalties on our Group, our
profit may decrease and consequently our financial results may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Doing Business in China</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are based in Malaysia, Hong Kong and Singapore. Part of our operations are conducted by our Hong Kong operating subsidiary,
namely Banle Energy HK. We do not conclude and book any transactions in China. All of our transactions for vessel refueling services
were concluded in Hong Kong, Malaysia and Singapore and our revenue were booked under our subsidiaries established in Hong Kong, Malaysia
or Singapore. Although we deliver our services through our suppliers mainly in China and Hong Kong, nearly all our customers are international
container liner operators from outside of China and Hong Kong. We have a subsidiary that is established in China, namely Majestic Energy,
which is currently dormant and does not have operations, and we do not intend to conduct any operation through Majestic Energy in the
future. Although we have equity ownership of Banle Energy HK and Majestic Energy (which is dormant) and currently do not have or intend
to have any operating subsidiary that is established in China, or any contractual arrangement to establish a variable interest entity
structure with any entity in China, we may still be subject to unique risks due to uncertainty about any future actions of the Chinese
government or authorities in Hong Kong in relation to business operations in China or Hong Kong, or regulatory oversight of overseas
listing of companies with operations in China or Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not maintain any office in China and none of our directors and officers are based in China. However, a major part of our operations
is based in Hong Kong, a Special Administrative Region of China. Although Hong Kong has its own governmental and legal system that is
independent from China, it is uncertain whether in the future the Hong Kong government will implement regulations and policies of the
Chinese government or adopt regulations and policies of its own that are substantially the same as those of the Chinese government. Moreover,
given that changes in policies, regulations, rules, and the enforcement of laws of the Chinese government may be quick with little advance
notice, it is also uncertain in the future whether our operations in Hong Kong will be subject to the oversight of the Chinese authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to the following risks that are specific to doing business in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Depending
on the needs of our target customers whose sailing routes cover different ports worldwide, we need to provide marine fuel logistic services
through ports in the PRC. Therefore, our business may be subject to complex and rapidly evolving laws and regulations there. The Chinese
government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations
at any time, which could result in a material change in our operations and/or the value of our securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on the needs of our target customers whose sailing routes cover different ports worldwide, we need to provide marine fuel logistic services
through ports in the PRC. Therefore, we may be subject to the laws and regulations of the PRC, which can be complex and evolve rapidly.
The PRC government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations
to which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation,
and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and regulations may
be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices.
New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated
inquiries or investigations or any other government actions may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or impede our development,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Result
    in negative publicity or increase our operating costs,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Require
    significant management time and attention, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>China&#8217;s
economic, political and social conditions, as well as changes in any government policies, laws and regulations, could have a material
adverse effect on our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on the needs of our target customers whose sailing routes cover different ports worldwide, we may need to provide marine fuel logistic
services through ports in the PRC. Accordingly, our business, financial condition, results of operations, prospects and certain transactions
we may undertake may be subject to economic, political and legal developments in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China&#8217;s
economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level
of development, growth rate, control of foreign exchange and allocation of resources. Although China&#8217;s economy has been transitioning
from a planned economy to a more market-oriented economy since the late 1970s, the PRC government continues to play a significant role
in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over China&#8217;s
economic growth through allocating resources, controlling the incurrence and payment of foreign currency-denominated obligations, setting
monetary policy and providing preferential treatment to particular industries or companies. Changes in any of these policies, laws and
regulations could adversely affect the economy in China and could have a material adverse effect on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government has implemented various measures to encourage foreign investment and sustainable economic growth and to guide the allocation
of financial and other resources. However, we cannot assure you that the PRC government will not repeal or alter these measures or introduce
new measures that will have a negative effect on us. China&#8217;s social and political conditions may change and become unstable. Any
sudden changes to China&#8217;s political system or the occurrence of widespread social unrest could have a material adverse effect on
our business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
the event that we rely on dividends and other distributions on equity paid by our PRC or Hong Kong subsidiaries to fund any cash and
financing requirements we may have, any limitation on the ability of our PRC or Hong Kong subsidiaries to make payments to us could have
a material and adverse effect on our ability to conduct our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
PRC subsidiary, Majestic Energy, is dormant and does not have operations or assets. Since it has no earnings and profits, it has not
distributed and will not distribute any dividends. In general, our PRC subsidiary&#8217; ability to distribute dividends is based upon
their distributable earnings. Current PRC regulations permit our PRC subsidiary to pay dividends to its shareholders only out of its
accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, our PRC subsidiary,
as a Foreign Invested Enterprise, or FIE, is required to draw 10% of its after-tax profits each year, if any, to fund a common reserve,
which may stop drawing its after-tax profits if the aggregate balance of the common reserve has already accounted for over 50 percent
of its registered capital. These reserves are not distributable as cash dividends. If our PRC subsidiary incurs debt on its own in the
future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. Any limitation on
the ability of our PRC subsidiary to distribute dividends or other payments to its shareholders could materially and adversely limit
our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct
our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends
payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are incorporated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Hong Kong law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized
losses) or other distributable reserves. Dividends cannot be paid out of share capital. Under the current practice of the Inland Revenue
Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
limitation on the ability of our PRC or Hong Kong subsidiaries to pay dividends or make other distributions to us could materially and
adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise
fund and conduct our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>To
the extent cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may
not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this report, there were no cash flows between CBL International or Banle BVI and our subsidiaries. However, we may in
the future depend on dividends and other distributions on equity paid by our PRC and Hong Kong subsidiaries or depend on our assets located
in China or Hong Kong for our cash and financing requirements. The PRC government imposes controls on the convertibility of the Renminbi
into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in availability of foreign currency
may then restrict the ability of our PRC subsidiary to remit sufficient foreign currency to our offshore entities for our offshore entities
to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations. Therefore, to the extent
cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may not be available
to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations
on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting processes may be put forward
by the State Administration of Foreign Exchange of the PRC (&#8220;SAFE&#8221;) for cross-border transactions. Any limitation on the
ability of our PRC and Hong Kong subsidiaries to pay dividends or make other kinds of payments to us could materially and adversely limit
our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct
our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion
may delay us from using the proceeds of the IPO to make loans or additional capital contributions to our PRC or Hong Kong subsidiaries,
which could materially and adversely affect our liquidity and our ability to fund and expand our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
funds we transfer to our PRC subsidiary, Majestic Energy, either as a shareholder loan or as an increase in registered capital, are subject
to approval by or registration with relevant governmental authorities in China. According to the relevant PRC regulations on foreign-invested
enterprises, or FIEs, in China, capital contributions to our PRC subsidiary are subject to the approval of or filing with the Ministry
of Commerce, or MOFCOM or its local branches and registration with a local bank authorized by the State Administration of Foreign Exchange,
or SAFE. In addition, (i) a foreign loan of less one year duration procured by our PRC subsidiary is required to be registered with SAFE
or its local branches and (ii) a foreign loan of one year duration or more procured by our PRC subsidiary is required to be applied to
the NDRC in advance for undergoing recordation registration formalities. Any medium or long-term loan to be provided by us to our PRC
subsidiary must be registered with the NDRC and the SAFE or its local branches. We may not be able to complete such registrations on
a timely basis, with respect to future capital contributions or foreign loans by us to our PRC subsidiary. Since Majestic Energy is currently
dormant, we have no intention to transfer any funds to, or use the proceeds of the IPO to fund, Majestic Energy, but in the unlikely
event that we decide otherwise in the future and if we fail to complete such registrations, our ability to capitalize our operations
through Majestic Energy may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently
our Hong Kong subsidiaries do not need to obtain approval from or register with governmental authorities in China or in Hong Kong in
order to raise capital, but it is unclear if the PRC or Hong Kong authorities will in the future interpret the abovementioned regulations
in a way that will subject Hong Kong companies to the same restrictions as a PRC company. If the abovementioned regulations is applied
by the authorities to our Hong Kong subsidiaries, our ability to capitalize our operations through our Hong Kong subsidiaries may be
negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2015, the SAFE promulgated the Circular on Reforming the Management Approach Regarding the Foreign Exchange Capital Settlement
of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect as of June 1, 2015. SAFE Circular 19 launched a nationwide reform
of the administration of the settlement of the foreign exchange capitals of FIEs and allows FIEs to settle their foreign exchange capital
at their discretion but continues to prohibit FIEs from using the Renminbi fund converted from their foreign exchange capital for expenditure
beyond their business scopes, providing entrusted loans or repaying loans between nonfinancial enterprises. The SAFE issued the Circular
on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or SAFE Circular 16, effective
in June 2016. Pursuant to SAFE Circular 16, enterprises registered in China may also convert their foreign debts from foreign currency
to Renminbi on a self-discretionary basis. SAFE Circular 16 provides an integrated standard for conversion of foreign exchange under
capital account items (including but not limited to foreign currency capital and foreign debts) on a self-discretionary basis which applies
to all enterprises registered in China. SAFE Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated
capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations,
while such converted Renminbi shall not be provided as loans to its non-affiliated entities. As this circular is relatively new, there
remains uncertainty as to its interpretation and application and any other future foreign exchange-related rules. Violations of these
Circulars could result in severe monetary or other penalties, which may adversely affect our business, financial condition and results
of operations. If Safe Circulars 16 and 19 are interpreted to apply to the Hong Kong Dollar, our ability to use Hong Kong Dollars converted
from the net proceeds from our offshore financing activities to fund the establishment of new entities in Hong Kong, to invest in or
acquire any other Hong Kong or PRC companies may be limited, which may adversely affect our business, financial condition and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
PRC regulations may make it more difficult for us to pursue growth through acquisitions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other things, the M&amp;A Rules and Anti-Monopoly Law of the People&#8217;s Republic of China promulgated by the Standing Committee of
the NPC which became effective in 2008 (&#8220;Anti-Monopoly Law&#8221;), established additional procedures and requirements that could
make merger and acquisition activities by foreign investors more time-consuming and complex. Such regulation requires, among other things,
that State Administration for Market Regulation (SAMR) be notified in advance of any change-of-control transaction in which a foreign
investor acquires control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under
the Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators, issued by the State Council
in 2008, are triggered. Moreover, the Anti-Monopoly Law requires that transactions which involve the national security, the examination
on the national security shall also be conducted according to the relevant provisions of the United States. In addition, PRC Measures
for the Security Review of Foreign Investment which became effective in January 2021 require acquisitions by foreign investors of PRC
companies engaged in military-related or certain other industries that are crucial to national security be subject to security review
before consummation of any such acquisition. We may pursue potential strategic acquisitions that are complementary to our business and
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complying
with the requirements of these regulations to complete such transactions could be time-consuming, and any required approval processes,
including obtaining approval or clearance from the MOFCOM, may delay or inhibit our ability to complete such transactions, which could
affect our ability to expand our business in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Economic
substance legislation of the Cayman Islands may impact on us and our operations. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands, together with several other non-European Union jurisdictions, has recently introduced legislation aimed at addressing
concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without
real economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Law, 2018, or the Substance
Law, and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements
for &#8220;relevant entities&#8221; which are engaged in certain &#8220;relevant activities,&#8221; which in the case of exempted companies
incorporated before January 1, 2019, will apply in respect of financial years commencing July 1, 2019 and onwards. A &#8220;relevant
entity&#8221; includes an exempted company incorporated in the Cayman Islands, as is the Company; however, it does not include an entity
that is tax resident outside of the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside of the Cayman Islands,
we are not required to satisfy the economic substance test set out in the Substance Law. Although it is presently anticipated that the
Substance Law will have little material impact on us and our operations, as the legislation is new and remains subject to further clarification
and interpretation, it is not currently possible to ascertain the precise impact of these legislative changes on us and our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
active trading market for the ordinary shares on Nasdaq might not develop or be sustained, their trading prices might fluctuate significantly
and the liquidity of our ordinary shares would be materially affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that an active trading market for the ordinary shares on Nasdaq will develop or be sustained. If an active trading
market of our ordinary shares on Nasdaq does not develop or is not sustained, the market price and liquidity of our ordinary shares could
be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
existing shareholders will continue to have substantial control over us, which could severely limit the ability of our other shareholders
to influence matters requiring shareholder approval and, as a result, we may take actions that our other shareholders do not view as
beneficial.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
(Asia) Limited, a company controlled by Teck Lim Chia, our director and Chief Executive Officer, and Straits Energy Resources Berhad,
the two largest shareholders of our company, beneficially own approximately 52.7% and 32.3%, respectively, of our outstanding ordinary
shares. In particular, we expect that CBL (Asia)&#8217;s significant ownership interest will allow it to continue to exert a significant
degree of influence or actual control over our management and affairs and over matters requiring shareholder approval, including the
appointment of directors, a merger, consolidation or sale of all or substantially all of our assets and other significant business or
corporate transactions. This concentrated control will limit the ability of other shareholders to influence corporate matters and, as
a result, we may take actions that our other shareholders do not view as beneficial. For example, this concentration of ownership could
have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain
control of us, which in turn could cause the market price of our equity shares to decline or prevent such price from increasing or prevent
our shareholders from realizing a premium over the market price for their equity shares. Moreover, in respect of the lock-up agreement
for a period of 180 days from the closing of the IPO as entered into by CBL (Asia) and Straits Energy Resources Berhad in relation to
their shareholding on us, the lock-up period has already ended on September 23, 2023. Our issued shares held by CBL (Asia) and Straits
Energy Resources Berhad are classified as restricted shares according to SEC regulations. Accordingly, the equity shares held by you
may be worth less than they would be if CBL (Asia) and/or Straits Energy Resources Berhad did not maintain voting control over us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
trading price of our ordinary shares may be volatile, which could result in substantial losses to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our ordinary shares is likely to be volatile and could fluctuate widely due to factors beyond our control. For instance,
securities markets may from time-to-time experience significant price and volume fluctuations that are not related to our operating performance,
which may have a material adverse effect on the market price of our ordinary shares. In addition, the price and trading volume of our
ordinary shares may be highly volatile due to multiple factors, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated fluctuations in our results of operations and changes or revisions of our expected results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in financial estimates by securities research analysts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions
    in the bunkering industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    by us or our competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures, capital raisings
    or capital commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    to or departures of our senior management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    expiration of the lock-up period on September 23, 2023 (Our issued shares held by CBL (Asia) and Straits Energy Resources Berhad
    are classified as restricted shares according to SEC regulations); and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
    or perceived potential sales of additional ordinary shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects,
making it difficult for prospective investors to assess the rapidly changing value of our ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. The U.S.
stock market has witnessed occasional instances of extreme stock price run-ups followed by rapid price declines and strong stock price
volatility with initial public offerings, especially among those with relatively smaller public floats, and such stock price volatility
was seemingly unrelated to the respective company&#8217;s underlying performance. As a relatively small-capitalization company with relatively
small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity
than large-capitalization companies. Although the specific cause of such volatility may be unclear, our anticipated public float may
amplify the impact of the actions taken by a few stockholders have on the price of our stock, which may cause our stock price to deviate,
potentially significantly, from a price that better reflects the underlying performance of our business. The potential extreme volatility
may confuse public investors regarding the value of our shares, distort the market perception of our share price and our company&#8217;s
financial performance and public image, and negatively affect the long-term liquidity of our ordinary shares, regardless of our actual
or expected operating performance. Should our ordinary shares experience run-ups and declines that are seemingly unrelated to our actual
or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly
changing value of our ordinary shares. In addition, investors of our ordinary shares may experience losses, which may be material if
such investors purchase our ordinary shares prior to any price decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may fail to meet our publicly announced guidance or other expectations about our business, which could cause our stock price to decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may provide from time-to-time guidance regarding our expected financial and business performance. Correctly identifying key factors affecting
business conditions and predicting future events is inherently an uncertain process, and our guidance may not ultimately be accurate
in all respects. Our guidance is based on certain assumptions, such as those relating to anticipated sales volumes, average sales prices,
supplier and commodity costs, and planned cost reductions. If our guidance varies from actual results, the market value of our ordinary
shares could decline significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market
price for our ordinary shares and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our ordinary shares will depend in part on the research and reports that securities or industry analysts publish about
us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who
cover us downgrade our ordinary shares or publish inaccurate or unfavorable research about our business, the market price for our ordinary
shares would likely decline. If one or more of these analysts cease coverage of our Company or fail to publish reports on us regularly,
we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume of our ordinary shares
to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
management has significant discretion over use of proceeds of the IPO.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we have identified the priorities to which we expect to put the proceeds of the IPO, our management will have considerable discretion
in the application of the net proceeds received by us. We have reserved the right to re-allocate funds to our general working capital.
If that were to happen, then our management would have significant discretion over even more of the net proceeds received by us in the
IPO. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.
You must rely on the judgment of our management regarding the application of the net proceeds of the IPO. The net proceeds may be used
for corporate purposes that do not improve our efforts to achieve profitability or increase our stock price. The net proceeds from the
IPO may be placed in investments that do not produce profit or increase value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a foreign private issuer and, as a result, will not be subject to U.S. proxy rules and will be subject to more lenient and less frequent
Exchange Act reporting obligations than a U.S. issuer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
report under the Securities Exchange Act as a foreign private issuer. Because we qualify as a foreign private issuer under the Exchange
Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. public companies, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    sections of the Exchange Act that regulate the solicitation of proxies, consents or authorizations in respect of a security registered
    under the Exchange Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    sections of the Exchange Act that require insiders to file public reports of their stock ownership and trading activities and impose
    liability on insiders who profit from trades made in a short period of time; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    rules under the Exchange Act that require the filing of quarterly reports on Form 10-Q containing unaudited financial and other specified
    information and current reports on Form 8-K upon the occurrence of specified significant events.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, foreign private issuers are not required to file their annual report on Form 20-F until 120 days after the end of each fiscal
year, while U.S. domestic issuers that are not large accelerated filers or accelerated filers are required to file their annual report
on Form 10-K within 90 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation FD, aimed at preventing
issuers from making selective disclosures of material information. As a result, you may not have the same protections afforded to shareholders
of companies that are not foreign private issuers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
incurred increased costs as a result of being a public company, and will continue to incur increased costs particularly after we cease
to qualify as an &#8220;emerging growth company.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
become a public company in March 2023 and incurred significant legal, accounting and other expenses that we did not incur as a private
company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements
on the corporate governance practices of public companies. As a Company with less than $1.07 billion in revenues for our last fiscal
year, we qualify as an &#8220;emerging growth company&#8221; pursuant to the JOBS Act. An emerging growth company may take advantage
of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include
exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging
growth company&#8217;s internal control over financial reporting and permission to delay adopting new or revised accounting standards
until such time as those standards apply to private companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming
and costly. After we are no longer an &#8220;emerging growth company&#8221;, we expect to incur significant expenses and devote substantial
management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules
and regulations of the SEC. For example, as a result of becoming a public company, we need to increase the number of independent directors
and adopt policies regarding internal controls and disclosure controls and procedures. Operating as a public company also make it more
difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy
limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we incur additional costs
associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on
our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules
and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing
of such costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, shareholders of a public company often brought securities class action suits against the company following periods of instability
in the market price of that company&#8217;s securities. If we were involved in a class action suit, it could divert a significant amount
of our management&#8217;s attention and other resources from our business and operations, which could harm our results of operations
and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business
day of an issuer&#8217;s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 30, 2023. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting
securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents. If we
lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S.
domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have
to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject
to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability
to rely upon exemptions from certain corporate governance requirements under the Nasdaq rules. As a U.S. listed public company that is
not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign
private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an &#8220;emerging growth company&#8221; under the Jumpstart Our Business Startups Act, or JOBS Act, we are permitted to, and intend
to, rely on exemptions from certain disclosure requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an &#8220;emerging growth company&#8221; under the JOBS Act, we are permitted to, and intend to, rely on exemptions from certain disclosure
requirements. We are an emerging growth company until the earliest of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    last day of the fiscal year during which we have total annual gross revenues of $1.07 billion or more;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    last day of the fiscal year following the fifth anniversary of the IPO;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date on which we are deemed a &#8220;large accelerated issuer&#8221; as defined under the federal securities laws.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that
are applicable to public companies that are not &#8220;emerging growth companies&#8221; including, but not limited to, not being required
to comply with the auditor attestation requirements of section 404 of the Sarbanes-Oxley Act for up to five fiscal years after the date
of the IPO. We cannot predict if investors will find our ordinary shares less attractive because we may rely on these exemptions. If
some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares
and the trading price of our ordinary shares may be more volatile. In addition, our costs of operating as a public company may increase
when we cease to be an emerging growth company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Economic
substance legislation of the Cayman Islands may impact us and our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands, together with several other non-European Union jurisdictions, has introduced legislation aimed at addressing concerns
raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real
economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Law, 2018, or the Substance
Law, and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements
for &#8220;relevant entities&#8221; which are engaged in certain &#8220;relevant activities,&#8221; which in the case of exempted companies
incorporated before January 1, 2019, will apply in respect of financial years commencing July 1, 2019 and onwards. A &#8220;relevant
entity&#8221; includes an exempted company incorporated in the Cayman Islands, as is the Company; however, it does not include an entity
that is tax resident outside of the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside of the Cayman Islands,
we are not required to satisfy the economic substance test set out in the Substance Law. Although it is presently anticipated that the
Substance Law will have little material impact on us and our operations, as the legislation is new and remains subject to further clarification
and interpretation, it is not currently possible to ascertain the precise impact of these legislative changes on us and our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited because
we are incorporated under Cayman Islands law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands. Our corporate affairs are governed
by our memorandum and articles of association, the Companies Act (Revised) of the Cayman Islands and the common law of the Cayman Islands.
The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our
directors to us under the Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of
the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common
law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The
rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they
would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands have a less
developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially
interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate
a shareholder derivative action in a federal court of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is uncertainty as to whether the courts of the Cayman Islands would:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize
    or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entertain
    original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws
    of the United States or any state in the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated
upon, provided such judgment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    given by a foreign court of competent jurisdiction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
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    on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of
final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
while under Delaware law, controlling shareholders owe fiduciary duties to the companies they control and their minority shareholders,
under Cayman Islands law, our controlling shareholders do not owe any such fiduciary duties to our company or to our minority shareholders.
Accordingly, our controlling shareholders may exercise their powers as shareholders, including the exercise of voting rights in respect
of their shares, in such manner as they think fit.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than
the memorandum and articles of association) or to obtain copies of lists of shareholders of these companies. We have discretion under
our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders,
but are not obligated to make them available to our shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. Currently, we do not plan to rely on home country practices with respect
to any corporate governance matter. To the extent we choose to follow home country practices with respect to corporate governance matters,
our shareholders may be afforded fewer protections than they otherwise would under rules and regulations applicable to U.S. domestic
issuers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
judgments obtained against us by our shareholders may not be enforceable.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands and substantially all of our assets
are located outside of the United States. Substantially all of our current operations are conducted in Malaysia and Hong Kong. In addition,
most of our current directors and officers are nationals and residents of countries other than the United States: a majority of our directors
and officers (including our Chairman and Chief Executive Officer, Mr. Teck Lim Chia, our directors Mr. Logeswaran Ramasamy and Dato&#8217;
Sri Kam Choy Ho, and three of our independent directors Ms. Karen Yee Lynn Cheah, Mr. Koon Liang Ong and Mr. Khai Fei Wong) are permanent
residents of Malaysia; Mr. Ulf Lothar Naujeck, our independent director, is a permanent resident of Germany; and Mr. Raymond Sing Chung
Chiu, our Chief Financial Officer, is a permanent resident of Hong Kong. Substantially all of the assets of these persons are located
outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals
in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise.
It may be difficult for you to effect service of process within the United States upon us or these persons, or to enforce judgments obtained
in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United
States or any state in the United States. A judgment of a United States court for civil liabilities predicated upon the federal securities
laws of the United States may not be enforceable in or recognized by the courts of the jurisdictions where our directors and officers
reside, and the judicial recognition process may be time-consuming. It may be difficult for you to enforce judgments obtained in U.S.
courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors. Even if
you are successful in bringing an action of this kind, the laws of the Cayman Islands and of Malaysia or Hong Kong may render you unable
to enforce a judgment against our assets or the assets of our directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_005"></span>INFORMATION
    ON THE COMPANY</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.A.
<span style="text-decoration: underline">History and Development of the Company</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated on February 8, 2022 in the Cayman Islands under Cayman Islands law under the name &#8220;CBL International Limited&#8221;.
Pursuant to a reorganization of our corporate structure in August 2022, CBL International Limited became the holding company of Banle
BVI and its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
history of our Group can be traced back to 2015 when Banle Energy HK was incorporated in Hong Kong. Mr. Teck Lim Chia, our founder, has
over 16 years of experience in the oil and gas related industries and business management. Before founding our Group in 2015, he was
employed by BrightOil Group, a company based in Shenzhen, PRC which was principally engaged in fuel oil business from April 2006 to June
2008, with his last position as the general director. From June 2008 to September 2011, he served as an executive director of BrightOil
Group&#8217;s listing company on The Stock Exchange of Hong Kong Limited (the &#8220;Hong Kong Stock Exchange&#8221;) and undertook the
role of developing the company&#8217;s international business and network. From October 2011 to January 2017, Mr. Chia served as a director
of an oil trading company. Mr. Chia has significant experience in overall operations, management and strategic planning in relation to
the provision of vessel refueling services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the insight of our founder and the joint efforts of our management team, despite our relatively short history, our Group managed to expand
our vessel refueling services in a rapid manner. Prior to the Group&#8217;s listing on Nasdaq on March 23, 2023, geographically, we focused
mainly on the Asia Pacific where we were able to provide vessel refueling services in approximately 36+ ports in the region. Subsequent
to the listing on Nasdaq, because of the availability of additional financial resources, the Group continued to obtain more new customers
in the Asia Pacific and at the same time, proceeded on the expansion of our services to Europe by taking pro-active measures including,
amongst the others, the establishment of two companies in Dublin of Ireland. By the end of FY2023, our supply network had been expanded
to include approximately 55+ ports in the Asia Pacific and Europe covering South Korea, China, Japan, Taiwan, Hong Kong, Philippines,
Vietnam, Singapore, Malaysia, Thailand, Turkey and Belgium.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at the end of FY2023, our Group comprises our Company, Banle BVI, Banle China, Banle Energy HK, Banle Europe, Banle Ireland, Banle Malaysia,
Banle Marketing, Majestic Energy, Majestic Energy (Singapore) and Reliance HK.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.B.
<span style="text-decoration: underline">Business Overview</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Brief
introduction</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an established marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering
facilitator in the bunkering industry. We facilitate vessel refueling between ship operators and local physical distributors/traders
by purchasing marine fuel, including both fossil fuel and alternative fuel, from our suppliers and arranging for the marine fuel to be
delivered by the suppliers to our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Customer
Focus</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
along, world renowned container liner operators have been identified as our major customers. Container liner operators have a property
of providing liner services on a schedule with fixed port rotation and fixed frequency, which, like bus operation, goes on fixed routes
and calls at fixed stops. So long as we can provide vessel refueling services in as many ports as possible, we are able to provide more
and more options to the liner operators to fulfill their day-to-day vessel refueling needs. Based on this belief, the continual expansion
of our supply network naturally becomes our business development strategy. In recent years, other than the container liner operators,
we have started to expand our customer base by exploring more opportunities with the bulk carriers and oil/gas tankers, which, unlike
container liners, usually run on port-to-port basis. Depending on market demand, bulk carriers and oil/gas tankers are contracted to
sail from any one port to another. In this regard, their operation is similar to that of chartered vehicles, in which their routes and
schedules vary according to customers&#8217; orders. We strongly trust that our expanded service network that covers 55+ ports in the
Asia Pacific and Europe would play a pro-active role in promoting our vessel refueling services to both the liner operators and the bulk
carriers and oil/gas tankers operators notwithstanding the differences between their nature of business. We shall continue to strengthen
ourselves persistently by expanding our service network to cover more ports and providing more value-added services to cater for our
customers&#8217; vessel refueling demands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our commencement of business in 2015, the services that we provide to customers involve (i) making vessel refueling options available
at ports designated by our customers; (ii) arranging vessel refueling activities at competitive prices ; (iii) coordinating vessel refueling
to meet customers&#8217; schedule; (iv) providing trade credit to our customers; (v) arranging local physical delivery of marine fuel;
(vi) handling unforeseeable circumstances and providing contingency solutions in a timely manner; (vii) fulfilling special requests from
customers in relation to vessel refueling; and (viii) handling disputes, mainly in relation to quality and quantity issues on marine
fuel, if any.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Focus</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of market focus, we have been concentrating on the Asia Pacific region for years. But soon after our listing of the group on
Nasdaq in March 2023, we started to go for expansion of our supply network to cover also major ports in Europe. Our existing customers
who are mainly running on Euro-Asia route and Intra-Asia route would definitely need vessel refueling in the major ports in the Asia
Pacific region that they call at for loading and unloading of containers/cargoes. For the same reason, when our supply network is expanded
to cover European ports, our existing customers&#8217; needs of vessel refueling can also be fulfilled when they arrive at Europe and
get ready to return to Asia. As a matter of fact, among our extensive supply network of 55+ ports, 9 are within the top 10 container
ports in 2023 in terms of throughput volume globally. We strongly believe that such an extensive network would not only help to expand
our services to existing customers, but also promote our services to new customers who may have the need of vessel refueling in the Asia
Pacific and Europe. Given the fact that Asia Pacific and Europe, respectively, accounted for approximately 39.4% and 21.0% of global
marine fuel consumption volume in 2023, our continuously expanding network will enable us to capture ample business opportunities in
these regions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Product
Focus</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marine
fuel has all along been the product we sell to our customers while handling vessel refueling. Marine fuel&#8217;s specifications would
be required to change from time to time in accordance with the stipulation of certain authorities/organizations mainly in response to
environmental protection needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citing
an example, regarding the 2020 Global Sulphur Limit issue, different from many other players in the market, we strongly believed International
Maritime Organization (IMO) would implement the regulation on schedule. We changed our trading products at the end of 2018, focused on
handling the new product, Very Low Sulphur Fuel Oil (&#8220;VLSFO&#8221;) throughout 2019, and finally, at the beginning of 2020, smoothly
integrated with the newly regulated market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of reducing GHG emissions from ships, IMO adopted an initial strategy in 2018, which was then revised in 2023 with strengthened
ambitions. As such, while fuel oil remained our primary product in 2023, we put a lot of effort in the exploration of alternative fuels
such as liquefied natural gas, biofuel, methanol, hydrogen and ammonia which can be used alone or either in combination with conventional
fuel oil to achieve decarbonization of shipping transportation and the enhancement of environmental protection. We have to pay special
attention to any prospective change in our product&#8217;s quality in order to maintain our competitiveness in the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Price
Fixing Criteria</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Endeavoring
to ensure a positive gross profit, we basically price our services on a &#8220;cost plus&#8221; basis, i.e., we are able to obtain a
premium, being the difference between the selling price per metric ton of marine fuel sold to our customers and the purchase cost from
our suppliers. Therefore, a profit margin would be ensured, and our management focus should then be put mainly on the increase of sales
volume. However, our operation is limited by the working capital available to us for a given period of time. If the marine fuel prices
increase substantially, we could purchase less marine fuel from our suppliers with the same level of financial resources and same trade
credit offered by our suppliers. Since revenue is the denominator in calculating the gross profit margin, when marine fuel price increases,
our gross profit margin inherently decreases notwithstanding our &#8220;cost plus&#8221; pricing policy which only ensures a monetary
amount (i.e., the premium). Given the nature of our business, our gross profit margin will be inevitably affected by the fluctuation
of marine fuel price, and hence gross profit margin is generally not a key indicator for evaluation of our profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
interruption</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
year 2022 and 2023, while the global economy continued to gradually recover from the pandemic of COVID-19, the most significant incidents
that affected global economy, the shipping industry, oil price movement and the bunkering industry were the War on Gaza and the Russia
Ukraine Crisis. For more information about the impact of these two incidents, please refer to 5.A &#8211; Operating Results &#8211; Macroeconomic
Environment. As a matter of fact, these two incidents have not brought any material impact to our business activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table breaks down revenue by geographic location of the Company&#8217;s revenue. The geographical location is based on the
location at which the marine fuel is delivered to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 46%; text-align: justify">China</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">252,628,159</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">165,187,146</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">171,143,686</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">147,960,792</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Malaysia</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">26,490,822</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,989,527</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Singapore</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,238,512</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,865,956</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,490,682</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">South Korea</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,355,855</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">652,647</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">Total:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">462,906,257</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">326,540,712</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, Others includes Europe, Japan, Vietnam and Thailand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Competition
in the bunkering industry</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
marine fuel supply and bunkering industry is highly competitive and fragmented. Other bunkering facilitators and bunkering arms of oil
majors or traders may also engage in provision of vessel refueling services. We consider our main competitors to be other bunkering facilitators,
but we also face competition from local physical distributors that supply marine fuel directly to ship operators. If our competitors,
for the purpose of increasing their market share, undercut marine fuel prices, customers may choose to procure vessel refueling services
with them in this regard. The followings are the key factors relevant to the competition in the bunkering industry:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">established
    relationships with stakeholders: in light of the voyage characteristics of vessels traveling across multiple ports, bunkering facilitators
    are required to establish their regional presence by engaging actively with multiple suppliers to cater to the dynamic ordering requirements
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">professionalism
    and technical know-how: bunkering facilitators with capability to offer value-added solutions in relation to vessel refueling including
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    the strong commitment to meet with international and local bunkering standards are highly preferred by customers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    requirement: substantial working capital is often required for bunkering facilitators to source marine fuel from suppliers.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Competitive Strengths</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the following competitive strengths contribute to our success and differentiate us from our competitors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Flexible
and integrated services through our supply network</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are able to provide tailor made integrated solutions for (i) structuring fixed term contracts in a reliable manner for our customers
over a fixed period for the ease of convenience of container liners operating under regular schedule; (ii) fulfilling detailed requirements
of marine fuel with quality assurance pursuant to the technical requirement of the requested vessels; (iii) providing customers with
trade credit in relation to vessel refueling; and (iv) handling the emergencies and contingencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide our services, including the arrangement with our suppliers to perform actual delivery of marine fuel through our extensive supply
network, which have been the top 20 container ports over the years in terms of throughput volume globally. Since international container
liner operators whose vessels are sailing on regular routes and schedules, we can better serve them by arranging different ports for
refueling along their voyages. That means our customers have the options to optimize their refueling costs by arranging different ports
for refueling without altering their schedules and routes. As for the bulk carriers and oil/gas tankers which operate on a port-to-port
basis and sail on chartered routes, we are also able to satisfy their refueling needs in any ports within our extensive network. We are
playing a role of bridging marine fuel buyers with suppliers by coordinating and consolidating bunkering services at designated ports
and formulating cost-effective packages for our customers. We have been able to provide timely bunkering delivery arrangements to our
customers and meet compliance with relevant international standards, such as ISO 8217. We intend to continue to capture additional business
opportunities by expanding and strengthening our supply network.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of our expansion into Europe, as our existing customers are mainly the world&#8217;s top liners operators, we have the competitive
advantage to promote our services extended from Asia Pacific to Europe for their vessels running mainly on the Euro-Asia route. At the
same time, leveraging on our extensive supply network in Asia Pacific, we are also striving to develop business opportunities with new
European customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Economies
of scale</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
take the role as a demand aggregator of our customers&#8217; requirements. This enables us to obtain favorable terms to purchase marine
fuel under a bulk purchase arrangement with suppliers at favorable terms instead of our customers transacting with a large number of
suppliers on an individual transaction basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Strong
presence in major ports in the Asia Pacific and emerging presence in Europe</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at the end of 2023, we have already established an extensive supply network that covers 55+ ports in the Asia Pacific and Europe. Out
of these 55+ ports, 9 ports are within the top 10 container ports (in terms of throughput volume globally) where the world&#8217;s top
liners operators frequently visit to have loading and unloading of containers as well as vessel refueling. Although the bunkering industry
is fragmented, our Group is considered one of the few leading bunkering facilitators in some of the Asia Pacific regions, such as the
Hong Kong and the PRC. We have also started to establish presence in the European market since 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Effective
treasury management system</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
effective treasury management system is important to us for planning, organizing and controlling our working capital in order to optimize
our use of funds as well as maintaining our liquidity. We have implemented an effective treasury management system to monitor our cash
position on a continuous basis with an aim to allocate our resources efficiently in order to maximize our profitability. Our treasury
management system is designed to ensure that our cash balance is maintained at the appropriate levels such that we are in the position
to capture potential business opportunities while ensuring the efficient operation of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Sustainable
growth with minimal fixed asset investment</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
focus on investing in the expansion of our supply network instead of in fixed assets, such as bunker barges in each of the ports we provide
vessel refueling services. According to relevant government policies and regulations, most of our suppliers can only provide vessel refueling
at their respective ports. We operate using a model which enables us to react swiftly to changing demand patterns among the ports in
the Asia Pacific and Europe. If the demand for vessel refueling at any particular port changes, we can quickly adjust our services by
providing our services at ports nearby within our supply network. Our business model minimizes our need to invest in fixed assets as
we rely upon our extensive industry knowledge and established third-party relationships to arrange for the physical delivery of marine
fuel to our customers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
port disturbances, which includes, among other things, adverse weather condition, port congestion, change in government regulations and
temporary closures due to unforeseeable event (such as COVID-19 outbreak), do not have material adverse impact on our Group&#8217;s business
given our ability to re-arrange refueling of the vessel to the next feasible port under our Group&#8217;s extensive supply network. Our
established supply network allows us to grow our business without substantial capital investments, which, in turn, reduces our overall
operating risk, provides more flexibilities, enhances our profitability and has a shorter investment return period when developing new
locations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>ESG
and Sustainability</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Environmental, Social and Governance (ESG)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
Maritime Organization (IMO) is the United Nations specialized agency responsible for safe, secure and efficient shipping and the prevention
of pollution from ships.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maritime
transport has been estimated to have made around 2.9% of global GHG (Green House Gases) emissions in 2018. To address this issue and
for the purpose of reducing GHG emissions from ships, IMO adopted an initial strategy in 2018, which was then revised in 2023 with
strengthened ambitions comprising:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    reduction in carbon intensity of international shipping by at least 40% by 2030 compared to 2008</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uptake
    of zero or near-zero GHG emission technologies, fuels and/or energy sources to represent at least 5%, striving for 10% of the energy
    use by 2030.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GHG
    emissions from international shipping to reach net zero by or around, i.e. close to, 2050.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure that shipping reaches the revised ambitions, the IMO has decided to implement a basket of measures consisting of two parts:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    technical element which will be a goal-based marine fuel standard regulating the phased reduction of marine fuel GHG intensity.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    economic element which will be some form of a maritime GHG emissions pricing mechanism, potentially linked directly to the GHG intensity
    mechanism.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development of the measures will continue at the IMO, and will, according to the agreed timeline, be adopted in 2025 and enter into force
around mid-2027.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Being
a bunkering facilitator, we always attach special attention to all the requirements imposed by IMO, in particular, those issues related
to environmental protection, climate change and sustainability.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are committed to contribute to fulfilling the GHG emissions reduction targets adopted by IMO and have implemented our in-house GHG
    management. An ESG committee has been established to formulate energy management policies and review measures integration in our
    operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    early 2023, we have started to study the role biofuels can play in reducing the GHG emission. Biofuels are being promoted as one
    of the low-carbon alternatives to the existing fossil oils as they could help to reduce GHG emissions and the related climate change
    impact from the shipping industry.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have obtained International Sustainability and Carbon Certification (ISCC EU and ISCC Plus certificates) certifying that we comply with all the requirements and are allowed to trade biofuel
    within the supply chain.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    July 2023, we successfully completed our very first B24 biofuel bunkering operation in Hong Kong. Immediately thereafter, we also
    completed the first B24 biofuel cargo export in Guangzhou, China.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    biofuel supplied was blended out from marine fuel oil and 24% second-generation, waste-based, and ISCC certified UCOME (Used Cooking
    Oil Methyl Ester). The B24 biofuel blend, as indicated by a study, is projected to reduce approximately 20% of GHG emissions when
    compared with conventional fuel oil.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart
from issues related to environmental protection, we understand that corporate responsibility is something we must work towards to create
a meaningful impact on both our employees and the society we serve. We have fostered an inclusive workplace where diversity is embraced
and celebrated. Our commitment to inclusivity goes beyond our walls and respective affiliates, and we are well aware of our duty to contribute
to the betterment of society as a whole. In this respect, we held the following activities up to the date of this report:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participate
    in a School-Enterprise Cooperation Program in Shenzhen of PRC through which we offer positions to participants and provide them with
    valuable opportunities to gain practical experience that would contribute to their career development.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participate
    in the Box of Hope Project through which we strive to bring joy to children who face challenging circumstances, especially during
    a time when they may not typically receive gifts.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Support
    the &#8220;Neighborhood First Reunion Lunch&#8221; led by young volunteers of the Hong Kong Federation of Youth Group through which
    elderly individuals are provided with goodies bags consisting of supermarket cash voucher and a pack of noodles symbolizing long
    life and prosperity.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compliance
and Risk Management</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is to our best knowledge that our counterparties are essential in risk management for the compliance with global regulatory requirements.
We ensure that our chartered barges and the vessels to be refueled do not fall into any sanction list by accessing the transactional
and analytical data with the Lloyds&#8217; list, which consists of regulations imposed by the international committee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
laundering is one of the major financial crimes and we exercise utmost care to ensure no money laundering activity has taken place during
our business. Furthermore, with the increasing enforcement risk in anti-corruption, we pay careful attention to the evolutions and response
to the changes proactively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Internal
Control</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure the integrity of our information, we have extensive internal control policies and procedures in place to safeguard information
assets, such as the management of confidential information. To maintain our operations in any case of unforeseen circumstances, we have
our business continuity plan in place to reduce impacts and minimize service disruption. Furthermore, we comply with all aspects concerning
quality management, supplier management, legal compliance, occupational safety and so forth. We are evaluated by an independent internal
auditor on the sufficiency and implementation of the company&#8217;s policy and procedures while monitoring the policies implementation
and making suggestions on improvements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
Risk</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
credit underwriting and monitoring are comprehensive, and we have our formal credit committee to assess, approve, review and renew open
credits for sales to all customers. This allows us to have sound mechanisms in place in order to prevent problems in the future. We provide
open credits subject to the acceptability of the creditability of our customers. We may also require credit insurance to cover the risks
of customers if our credit committee deems necessary.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not aware of any significant rules and regulations that would affect our business activities in Malaysia, Hong Kong and in particular
PRC where we only have a subsidiary incorporated therein without any transaction undertaken by the office. Nonetheless, we would like
to highlight for reference the following rules and regulations which may be related to our business activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
                                            LAWS AND REGULATIONS OF MALAYSIA<br/></span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            refer to Exhibit 99 for more detail of the following laws and regulations:<br/> <i>Occupational
                                            Safety and Health Act 1994<br/> Industrial Relations Act 1967<br/> Employment Act 1955<br/>
                                            Employment (Restriction) Act 1968<br/> Employees Provident Fund Act 1991<br/> Employees&#8217;
                                            Social Security Act 1969<br/> Employment Insurance System Act 2017<br/> Minimum Wages Order
                                            2022<br/> Income Tax Act 1967<br/> Labuan Business Activity Tax Act 1990<br/> Service Tax Act
                                            2018</i></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    LAWS AND REGULATIONS OF HONG KONG</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            refer to Exhibit 99 for more detail of the following laws and regulations</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mandatory
    Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)</i></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employment
    Ordinance (Chapter 57 of the Laws of Hong Kong)</i></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employees&#8217;
    Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)</i></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Minimum
    Wage Ordinance (Chapter 608 of the Laws of Hong Kong)</i></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Occupational
    Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)</i></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    LAWS AND REGULATIONS OF THE PRC</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
                                            refer to Exhibit 99 for more detail of the following laws and regulations</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Related
    to Foreign Investment</i></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Enterprise
    Income Tax</i></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value-added
    Tax</i></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information
    Security and Data Privacy</i></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.C.
<span style="text-decoration: underline">Organizational Structure</span></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as at April 18, 2024.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 412px; width: 720px"/></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
    (Asia) Limited is a limited liability company incorporated in Hong Kong which is owned as to 51% by Mr. Teck Lim Chia, our Chairman
    and Chief Executive Officer, 44% by Ms. Xiaoling Lu and 5% by Mr. Yuan He.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits
    Energy Resources Berhad, or Straits, is a Malaysian company whose shares are listed on the ACE Market of Bursa Malaysia Securities
    Berhad (stock code: 0080). </span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.D.
<span style="text-decoration: underline">Property, plants and equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not own any property and we rent the following leased properties from independent third parties for our operations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property
    Address</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
    of the property</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rm
                                            3602-03A, 36/F, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Hong Kong</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022 to October 6, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
                                            23-2, Menara Permata Sapura, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    1, 2023 to July 31, 2026 (3 years renewal term)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room
    No. 4, No. 1&#8211;23A, First Floor, Paragon, Jalan Mustapha, 87000, Labuan, Malaysia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    1, 2024 to June 30, 2024 with automatic renewal until we give notice to end the lease term.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pembroke
    House, 28-32 Pembroke Street Upper, Dublin, D02 EK84, Republic of Ireland.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    1, 2024 to December 31, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
    Temasek Boulevard, #08-07 Suntec Tower One, Singapore 038987</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    15, 2024 to February 14, 2026</span></td></tr>
  </table>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_001"></span>ITEM
    4A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNRESOLVED
    STAFF COMMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_002"></span>ITEM
    5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read the following discussion and analysis of the Group&#8217;s financial condition and results of operations in conjunction with
the Group&#8217;s consolidated financial statements and the related notes included elsewhere in this annual report. This discussion may
contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Group&#8217;s actual results
may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set
forth under &#8220;Item 3. Key Information &#8212; 3.D. Risk Factors&#8221; or in other parts of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.A.
<span style="text-decoration: underline">Operating Results</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a bunkering facilitator targeting container liner operators as our major customers since our inauguration in 2015. In recent years,
capitalizing on our continually expanding supply network, we started to promote bunkering services also to bulk carriers and oil/gas
tankers which, unlike container liners that operate in multiple ports on fixed and regular routes, run on voyages with irregular port-to-port
calls based on charterers&#8217; nominations. For detailed information regarding our business, see &#8220;Item 4. Information on the
Company &#8211; B. Business Overview&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FY2023
marks a significant year for CBL International. In March 2023, we raised gross proceeds of $15 million from an IPO offering. With the
additional financial resources from the IPO, we not only successfully expanded our service network to Europe, but also gained new businesses
with existing customers and acquired new customers. These accomplishments led to remarkable growth in our sales volume in FY2023. On
the environmental protection side, we were approved for biofuel trading activities and launched the first biofuel supply after years
of proactively exploring alternative fuel options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Service
network expansion</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
supply network expanded substantially over the past year, from 36 ports covering the Asia Pacific as of the end of FY2022 to 55+ ports
covering both the Asia Pacific and Europe as at the end of FY2023. We are now able to provide bunkering services at 9 out of the world&#8217;s
top 10 container ports by throughput volume.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
expansion into Europe in FY2023 showcased the importance of an extensive service network in capturing bunkering businesses, whether customers
are running on fixed and regular routes, or sailing on irregular voyages at ports mandated by charterers. With an established presence
in Europe, we extended our bunkering services from the Asia Pacific to Europe for our existing customers who needed to traverse between
the two regions. At the same time, we acquired new European customers who needed bunkering services at ports in the Asia Pacific. In
the near future, further expanding into the European market is our priority. Two subsidiaries have already been incorporated in Dublin
of Ireland serving as the headquarter and operating arm of our European business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an example of the new businesses we acquired with our expanded service network, in the first quarter of 2024, with the joint effort of
our colleagues in Asia and Europe, we successfully arranged bunkering services to support the inaugural journey of a major electric vehicles
manufacturer&#8217;s first car carrier at a port in China, followed by another bunkering servicing for the same car carrier in Antwerp
of Belgium.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Increase
in sales volume</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sales volume in FY2023 surged by 18% year-on-year, despite a tepid global economy and a slight decline in global container port throughput,
as we efficiently utilized the additional funding from the IPO to increase sales from existing customers as well as expand customer base
through an enlarged service network. Notwithstanding the 20% drop in average oil prices during FY2023, our revenue only registered a
drop of 6% year-on-year to $436 million, thanks to the surge in sales volume which partially offset the negative impact from oil price
movement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the IPO funding, we were able to penetrate deeper into the bunkering market by acquiring new customers and businesses in FY2023. The
expansion of customer mix post-IPO means that our revenue stream as well as customer margin profiles had become more diversified. The
move to penetrate new customers and expand business opportunities have inevitably affected our gross profit in FY2023, which declined
21% year-on-year to $7 million, due to a lower gross profit per metric ton as a result of a more diversified customer base, again partially
offset by the increased sales volume. We will endeavour to maximize volume growth to balance the impact from the change in customer mix
as we further expand our service network in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred an increase of $1.2 million in operating expenses in FY2023 primarily from our listing, business expansion and efforts in exploring
and conducting biofuel operation. The listing-related expenses, amounting to approximately $0.6 million, were required to maintain our
listing status. There were no listing-related expenses in FY2022. As for the expenses related to business expansion and biofuel operation,
we regard them as vital investments to our long-term sustainable growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Biofuel
supply</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
foresight in introducing fuel options with lower environmental impact to our customers dates back to 2019 when we went ahead of the &#8220;IMO
2020&#8221; regulation and became one of the first movers who promoted and supplied very low sulphur fuel oil (VLSFO) to our clients.
In 2023, we again have taken the initiative in introducing B24 biofuel bunkering to our customers, paving the way for them to adopt green
marine fuel to fulfil the GHG emission reduction targets adopted by IMO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
biofuel we promote to the ship operators is blended out from marine fuel oil and waste-based, ISCC certified UCOME (Used Cooking Oil
Methyl Ester). The B24 biofuel blend, as indicated by a study, is projected to reduce approximately 20% of GHG emissions when compared
with fossil fuel oil. Most importantly, the adoption of biofuel does not require any changes to the vessels&#8217; storage tanks, pipelines,
and/or alteration of the vessels&#8217; combustion and engine system. The adoption only involves simple shifting from conventional fuel
oil to biofuel without any additional investments, and as such biofuel is an option of green fuel anticipated to be well accepted by
the ship owners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplying
biofuel requires certifications and endorsements from relevant governing authorities. In this respect, we have obtained ISCC EU and ISCC
Plus certificates certifying that we are fully compliant with all the requirements and are allowed to trade biofuel within the supply
chain. We successfully completed our very first B24 biofuel bunkering operation in Hong Kong in July 2023 and immediately thereafter,
completed the first B24 biofuel cargo export in Guangzhou, China. In the first quarter of 2024, we supported a globally renowned food
and agriculture supply chain management company in their inaugural B24 biofuel bunkering supply in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Macroeconomic
Environment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">War
on Gaza</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
October 2023, the ongoing conflict in Gaza has sent ripples through the global economy, primarily felt in the domain of energy prices.
The Middle East, as the leading hub for oil and natural gas production, plays a critical role in shaping global energy markets. The strife
has not expanded to encompass key oil-producing nations such as Saudi Arabia, and there has not been a significant immediate surge in
oil prices, the persistence of hostilities in Gaza may exert upward pressure on global oil prices, which is expected to fuel inflationary
trend worldwide. As of the latest practicable dates, the oil price index specific to Middle East Region namely Dubai Crude oil, has declined
during September 2023 to February 2024, indicating the impact of the crisis to oil market is relatively modest, according to IMF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tense geopolitical climate in the region carries repercussions for trade in Palestine and Israel. Beyond the direct impact on the imports
and exports of the nations involved, which results in job losses and potential economic stagnation or contraction in these two countries,
the broader implications for multilateral trade are concerning. The conflict threatens to disrupt critical maritime, routes, notably
those in the eastern Mediterranean and the Suez Canal where trade arteries are essential for connecting Asia and Europe; disruptions
stemming from the conflict would lead to increased shipping industry costs due to rerouted trade lanes, recalibrated trade strategies,
elevated transportation and insurance premiums, and additional compliance expenses. In particular, the daily transit calls through Suez
Canal has dropped from 24 tanker ships and 49 cargo ships on beginning of September in 2023 to 15 tanker ships and 30 cargo ships in
mid-January in 2024, which is also attributable to the Houthis attack of the red sea merchant ship subsequent to the influence of the
Gaza conflict.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to latest report by the IMF published early 2024, projected growth of GDP in the Middle East and North Africa (&#8220;MENA&#8221;) region
in 2023 is expected to be 2.9% only compared to 6.0% in 2022, considering the conflict in Gaza and Israel, as well as in Sudan. Net equity
and debt portfolio flow were also on a downward trend in MENA in late 2023. Going forward and in early 2024, despite showing signs of
abatement, it is critical to closely observe the unfolding events as both the direct and indirect effects of the Gaza conflict on the
global economic landscape will hinge on the duration, intensity, and international response to the conflict.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">The
Russia Ukraine Crisis</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
on-going conflict between Russia and Ukraine escalated in February 2022 has prompted a wave of international sanctions targeting Russian
commerce encompassing restrictions on business operations, financial transactions, banking, and international trade. Furthermore, due
to severe disruptions in transportation and logistics in the region and neighborhood countries around Ukraine and Russia, both countries&#8217;
import, and export has been largely impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impact
                                            on trading sector</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
                                            exerted pronounced influence on seaborne trade, particularly within the dry bulk and tanker
                                            segments. The geopolitical upheaval has precipitated a shift in maritime logistics, extending
                                            the distances covered by cargo vessels, and subsequently augmenting the ton-mile demand for
                                            key commodities, notably oil and grain. Despite these disruptions, the global trading system
                                            showcased its robustness as alternative suppliers promptly stepped in to bridge the supply
                                            gap created by the diminished outputs from Ukraine and Russia.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
                                            trade volumes of oil and gas have charted encouraging growth trajectories, registering increases
                                            of 6% and 4.6% respectively in 2022. European countries sought to diversify their gas supplies
                                            in response to reduced imports from the Russian Federation, increasing their reliance on
                                            alternative sources from Algeria, Norway, Qatar, and the United States.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            overall landscape of world merchandise exports in 2022 recorded remarkable surge of 11.4%.
                                            Developed economies largely contributed to this upward trend, though a notable exception
                                            was Ukraine, which experienced a substantial year-on-year export decline of 34.8%. The capacity
                                            of import-reliant nations to swiftly realign their supply chains away from the conflict zones
                                            underpins the positive trade outcomes observed during a period of considerable geopolitical
                                            tension.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            2023, while the impact of the war has been largely diminished, the world merchandise exports
                                            in 2023 has declined by approximately 4.1%, attributable to multiple factors such as high
                                            borrowing costs weigh on economies due to interest hikes, US-China tensions redirect supply
                                            chains and more policies restricting cross-border commerce emerge.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impact
                                            on bunkering sector</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VLSFO
                                            (Max 0.5% sulfur fuel, also known as IMO2020 grade bunkers) has increased from US$692.5 per
                                            tonne in January 2022 to US$1,118.0 per tonne in June 2022, representing a compound monthly
                                            growth rate of approximately 8.3%. Subsequent to the initial disruption, VLSFO has hovered
                                            around US$620.0 per tonne to US$749 per tonne during the full year of 2023 to March 2024,
                                            with an average price of US$685.5 per tonne during the same period, indicating a relative
                                            stabilization in prices and suggesting that the initial shock of the crisis has been absorbed.
                                            Despite ongoing geopolitical events, such as the Ukrainian counteroffensive and other significant
                                            developments, the price has shown resilience, as the diversification of VLSFO supply chains
                                            has reduced the dependency on the two countries. Looking ahead, the balance and pricing of
                                            VLSFO will continue to be shaped by a broad spectrum of factors. These include evolving global
                                            market conditions, regulatory changes, and the operational status of key refineries, particularly
                                            in the Middle East. While some refineries in the region are experiencing technical challenges
                                            and fluctuations in output, the diversified nature of the VLSFO supply chain contributes
                                            to a more stabilized market, capable of adjusting to and compensating for such disruptions.
                                            Overall, the price of VLSFO increased from approximately US$630 per tonne in January 2024
                                            to US$670 per tonne in April 2024, with a stable growing trajectory. </span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impact
                                            on energy and crude oil sector</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            conflict between Russia and Ukraine has exerted pronounced pressure on global crude oil markets,
                                            particularly evidenced by the fluctuations in Europe&#8217;s Brent spot price. Commencing
                                            in January 2022, when the Brent spot price was at US$86.5 per barrel, the anticipation and
                                            outbreak of the war contributed to a steep incline in prices, peaking at US$122.7 per barrel
                                            by June 2022, reflecting the war&#8217;s immediate shock to the global energy supply chain,
                                            given Russia&#8217;s pivotal role as a key oil producer. According to a Event Analysis Method
                                            with Multiresolution Causality Testing based research (EMC research), the conflict is responsible
                                            for up to 73.62% of the price fluctuations in Brent crude during 2022. The prices eventually
                                            receded to US75.5 by May 2023, suggesting a market adjustment or the emergence of other stabilizing
                                            factors, possibly including alternative supply sources or decreased demand. However, by September
                                            2023, the Brent spot price experienced a rebound to US$93.7 per barrel, indicating that the
                                            crude oil market remains susceptible to underlying tensions and the ongoing ramifications
                                            of the conflict.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            March 2024, attributed to heightened geopolitical tensions following Ukrainian counter offense
                                            on Russian oil refineries, the Brent rises again. As of the latest practicable date, the
                                            ongoing conflict between Russia and Ukraine continues to inject volatility into the crude
                                            oil market, with recent escalations further unsetting the supply and price stability. Despite
                                            brief periods of price stabilization, the lack of a clear resolution to the tensions keeps
                                            the outlook for crude oil prices uncertain. The global energy sector thus remains watchful,
                                            anticipating potential disruptions and the consequent economic implications as the situation
                                            evolves.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Post-COVID-19
World Economy recovery</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            2023 and 2024, the global economy continues to gradually recover from the pandemic. According
                                            to the OECD, the global GDP has grown at approximately 2.9% in 2023 and is projected to grow
                                            at 2.7% in 2024 and 3.0% in 2025, with India, Indonesia, China, Saudi Arabia and Turkey being
                                            the countries recording greatest growth in both years.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
                                            the COVID-19 pandemic severely impacted international supply chains and logistics networks,
                                            the challenges have also spurred an uptick in inventive approaches within the sector, accompanied
                                            by a surge in funding for digital, paperless technologies, Advances in customs procedures,
                                            port improvements, streamlined trade processes, and the adoption of electronic trading documentation
                                            are poised to expedite operations, decrease expenses, and minimize holdups. These developments
                                            are expected to enhance efficiency, cut down on waste, and yield improved outcomes for nations
                                            and the environment.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            shipping sector emerged as one of the primary beneficiaries in the wake of COVID-19. Global
                                            container port throughput witnessed an annual growth of 7.2% in 2021 and a slight uptick
                                            of 0.4% in 2022. In 2023, there was a small year-on-year decline of 0.7%, signaling a mild
                                            rebalancing after the exceptionally high demand of the previous years. The Liner Shipping
                                            Connectivity Index in regions such as Asia, Latin America, the Caribbean, and Oceania soared
                                            to unprecedented levels in 2023, indicating a full restoration of shipping connections and
                                            operations. Moreover, as supply chain disruptions have largely been resolved, freight rates,
                                            including those measured by the Shanghai Containerized Freight Index and the Baltic Dry Index,
                                            along with the average waiting times for container ships at ports, have returned to levels
                                            seen before the pandemic. In specific sectors and countries, China&#8217;s post-COVID-19
                                            reopening and heightened industrial activity significantly boosted the demand for commodities
                                            like iron ore and coal. Brazil experienced a marked increase in soybean exports, attributed
                                            to favorable weather and the onset of the export season. Furthermore, the renewal of the
                                            Black Sea Grain Initiative in March 2023 played a pivotal role in advancing grain trade.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following provides a summary of our consolidated results of operations for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">435,897,718</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">462,906,257</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">428,686,593</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">453,781,238</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross profit</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,211,125</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,125,019</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Selling and distribution</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,242,157</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,212,108</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">General and administrative</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,307,141</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,152,568</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total operating expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,549,298</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,364,676</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income from operations</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,661,827</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,760,343</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other (income) expense:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense and other financing costs,
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">259,993</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other income (expense),
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,061</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">882</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">230,572</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    taxes</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">814,468</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,685,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    per ordinary share*</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.171</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue.
</b>Notwithstanding an increase of sales volume by approximately 18%, our consolidated revenue declined by approximately 6% from approximately
US$462,906,000 for the year ended December 31, 2022 to approximately US$435,898,000 for the year ended December 31, 2023. Such reduction
of revenue was mainly attributable to the decrease in the marine fuel price but partially offset by the substantial growth of sales volume
of marine fuel sold. The increase in our sales volume was mainly driven by our successful expansion of our supply network with number
of ports covered increased from 36 for the year ended December 31, 2022 to 55+ for the year ended December 31, 2023, expansion of customer
base from container liner operators to include bulk carriers/oil and gas tankers as well, and the availability of sufficient financial
resources for purchase of marine fuel as generated from the IPO in March 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
profit.</b> Our consolidated gross profit for the year ended December 31, 2023, was approximately $7,211,000, a reduction of approximately
$1,914,000 or approximately 21%, compared to the year ended December 31, 2022. During this period when the performance of the shipping
and bunkering industry was not particularly outstanding, we still insisted in securing more market share and double digits growth in
terms of volume while scarifying some margin. We strongly believed our expanded market share shall bring handsome reward to us once the
market situation turns favorable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Expenses.</b> Consolidated total operating expenses for the year ended December 31, 2023, were approximately $5,549,000 an increase of
approximately $1,185,000, or 27%, compared to that of approximately $4,365,000 for the year ended December 31, 2022. The selling and
distribution expenses which was one part of the operating expenses was in fact stably maintained at the level of approximately $1.24
million as compared with that of $1.21 million for the year ended December 31, 2022. The general and administrative expenses which is
another part of the operating expenses however showed very substantial changes. It increased by approximately $1,155,000 or approximately
37% as compared with that for the year ended December 31, 2022. The substantial increase of the general administrative expenses was mainly
attributable to additional costs incurred to acquire and maintain the group&#8217;s listing status on Nasdaq which comprises one-off
expenses related to listing the group on Nasdaq, additional recurring expenses related to maintaining the listing status, and additional
recurring expenses for business expansion and biofuel operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Operating
Income, net.</b> For the year ended December 31, 2023, we incurred net non-operating expenses of approximately $231,000, compared to
net non-operating expense of $261,000 for the year ended December 31, 2022. The decrease of expenses of approximately $30,000 was mainly
the combined results of (a) the non-occurrence of any write off of property, plant and equipment for the year end ended December 31,
2023 as compared with a written off amount of approximately $48,000 for the year ended December 31, 2022; (b) reduction of interest expenses
of approximately $28,000 given that less account receivables had been sold to the financing bank under the account receivable purchase
facilities; and (c) substantial reduction of currency exchange gain to only about $1,700 for the year ended December 31, 2023 from approximately
$46,000 for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes.</b> For the year ended December 31, 2023, our income tax provision was approximately $299,000 and our effective income tax rate
was 16.5%, as compared to an income tax provision of approximately $814,000 for the year ended December 31, 2022. The decrease of approximately
$515,000 was primarily attributable to the reduction of income before taxes from approximately $4,499,000 for the year ended December
31, 2022 to approximately $1,431,000 for the year ended December 31, 2023, a decrease of approximately 68%, which was similar to the
magnitude of the tax provision reduction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
income.</b> Net income decreased by approximately $2,552,000 or approximately 69% from approximately $3,685,000 for the year ended December
31, 2022, to approximately $1,133,000 for the year ended December 31, 2023. The decrease was attributable to (a) gross profit reduction
as resulted from adopting the strategy of expanding sales volume while enduring a narrowing profit margin, (b) the increase of general
and administrative expenses which was mainly attributable to the additional costs incurred in acquiring and maintaining the listing status
of the group on Nasdaq, but (c) a substantial saving in the reduced tax provisions.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Future
Uses of Liquidity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
is primarily used to fund working capital to support our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our contractual obligations were as follows (in thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Long-Term</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease obligations</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">177.8</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">197.4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">375.2</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Derivatives obligations</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">177.8</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">197.4</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">375.2</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
and interest obligations include principal and interest payments on fixed-rate and variable-rate, fixed-term debt based on their maturity
dates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
enter into lease arrangements for the use of offices for our operations. See Note 13. Leases for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our risk management program, we enter into derivative instruments intended to mitigate risks associated with changes in commodity
prices. Our obligations associated with these derivative instruments fluctuate based on changes in the fair value of the derivatives.
See Note 4. Derivative Instruments and Note 5. Fair Value Measurements for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we fix purchase commitments associated with our risk management program, as well as a purchase contract with our suppliers,
under which we agreed to purchase a certain quantity of marine fuel at future market prices. As of December 31, 2023, we did not enter
into such purchase agreements with any supplier. See Note 11. Commitments and Contingencies for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
Expenditures. During the year ended December 31, 2023, we incurred capital expenditures in the ordinary course of business of approximately
$774,000. In 2024, we expect our capital expenditures to be generally consistent with the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects the major categories of cash flows (in thousands). For additional details, please see the Consolidated Statements
of Cash Flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Years Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by (used in)
    operating activities</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,033</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,499</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by (used in) investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(774</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by (used in) financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,177</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,128</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Activities.</b> Net cash used in operating activities of $10,033,000 for the year ended December 31, 2023, compared to provided by operating
activities of $3,499,000 for the year ended December 31, 2022, represented a $13,532,000 or an increase of 386% in net cash outflow used
in operating activities. The increase in net cash used in operating activities was primarily due to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    change in accounts receivable was approximately $6,680,000 net cash outflow for the year ended December 31, 2023, as compared to
    that for the year ended December 31, 2022 in the amount of approximately $403,000 net cash outflow, resulting in an increase in net
    cash used in operating activities in the amount of approximately $6,277,000 in this respect. The increase in net cash outflow in
    relation to accounts receivable was mainly attributable to the difference between the accounts receivable balance as of December
    31, 2023 in the amount of approximately $25,126,000 and that as of December 31, 2022 in the amount of approximately $18,446,000.
    More credit sales were made in December 2023 as compared to that in December 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    change in prepayments and other current assets was approximately $19,063,000 net cash outflow for the year ended December 31, 2023.
    For the year ended December 31, 2022, change in prepayments and other current assets was approximately $3,581,000 net cash inflow,
    resulting in an increase in net cash used in operating activities in the amount of approximately $22,623,000. Prepayment as of December
    31, 2023, principally represents deposits made to suppliers in aggregate of approximately $17,549,000 to secure credit lines from
    suppliers for the purchase of marine fuel which was necessary for the ongoing supply of goods for our bunkering business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    change in accounts payable was approximately $14,800,000 net cash inflow for the year ended December 31, 2023. For the year ended
    December 31, 2022, change in accounts payable was approximately $5,645,000 net cash outflow, resulting in an increase in net cash
    provided by operating activities in the amount of approximately $20,424,000 as compared on a year-on-year basis. The increase in
    net cash inflow in relation to accounts payable was mainly attributable to more credit purchases were transacted in December 2023
    as compared to that in December 2022. In this connection, we had higher accounts payable balance as of December 31, 2023 than that
    of December 31, 2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
Activities.</b> Net cash used in investing activities of $780,000 for the year ended December 31, 2023, consisted of payments for design
and construction of the Group&#8217;s new management information system, the acquisition of a new motor vehicle, and setting up of the
new office in Malaysia. Net cash used in investing activities for the year ended December 31, 2022, was $373,000 for the purchase of
office equipment and furniture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financing
Activities.</b> During the year 2023, the Company consummated the initial public offering of 3,325,000 ordinary shares, par value of
$0.0001 per share at a price of $4.00 per share (the &#8220;Offering&#8221;). The Company&#8217;s underwriters exercised their over-allotment
option in part for an additional 425,000 ordinary shares (&#8220;Over-allotment Option&#8221;). The Over-allotment Option was closed
with the Offering. The net proceeds in the amount of approximately $13,200,000 raised from the Offering of the Company in 2023 providing
net cash inflow to the Group. For the year ended December 31, 2022, net cash outflow in financing activities in the amount of $1,128,000
were for Deferred Offering Costs payments in relation to the Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.B.
<span style="text-decoration: underline">Liquidity and Capital Resources</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
to fund working capital is a significant priority for the Group&#8217;s bunker business. Our views concerning liquidity are based on
currently available information and if circumstances change significantly, the future availability of trade credit or other sources of
financing may be reduced, and our liquidity would be adversely affected accordingly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sources
of Liquidity and Factors Impacting Our Liquidity</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
liquidity, consisting principally of cash and availability under our Credit Facility, fluctuates based on a number of factors, including
the timing of receipts from our customers and payments to our suppliers, changes in fuel prices, as well as our financial performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on facilities provided by banks and trade credit from suppliers as an important source of liquidity for working capital requirements
for our operations. Future market volatility, generally, and any persistent weakness in global energy markets may adversely affect our
ability to access capital and credit markets or to obtain funds at reasonable interest rates or on other advantageous terms. In addition,
since our business is impacted by the availability of trade credit to fund fuel purchases, an actual or perceived decline in our liquidity
or business generally could cause our suppliers to reduce our credit lines, which in turns may otherwise materially modify our payment
terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
times of high fuel prices, our customers may not be able to purchase as much fuel from us because of their credit limits with us and
the resulting adverse impact on their business could cause them to be unable to make payments owed to us for fuel purchased on credit.
Furthermore, when fuel prices increase our working capital requirements increase and our own credit limits could prevent us from purchasing
enough fuel from our suppliers to meet our customers&#8217; demands, or we could be required to prepay for fuel purchases, any of which
would adversely impact our liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
extended periods of low fuel prices, particularly when coupled with low price volatility, can have a favorable effect on our results
of operations and overall profitability. This can occur due to lower working capital requirements for the same trade volume. In other
words, under low fuel price environments, the same amount of capital enables us to conduct more business as a result of lower working
capital requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to stakeholders
through the optimization of the balance between debt and equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company reviews the capital structure on an ongoing basis. As a part of this review, the directors consider the cost of capital and the
risks associated with each class of capital. The Company will balance its overall capital structure through the payment of dividends,
new share issues and the issue of new debt or the repayment of existing debt, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the shares of the Company were successfully listed in Nasdaq and net proceeds of $13.6 million were
raised with new shares issued. This provides us with a new source of capital to fund our business and expansion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the information currently available, we believe that our cash and cash equivalents as of December 31, 2023 and available funds from
our Credit Facility, as described below, together with cash flows generated by operations, are sufficient to fund our working capital
and capital expenditure requirements for at least the next twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivables
Purchase Agreements. We also have non-recourse accounts receivable purchase programs with a bank that allow us to sell a specified amount
of qualifying accounts receivable and receive cash consideration equal to the total balance, less an associated fee. The accounts receivable
purchase program provides the constituent bank with the ability to accept customers from this program with the level of risk exposure
the bank is willing to accept with respect to any particular customer. The fees the banks charge us to purchase the receivables from
these customers can also be impacted for these reasons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.C.
<span style="text-decoration: underline">Research and Development, Patent and Licenses, etc.</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable. The Company has not undertaken any Research and Development activities in the past three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.D.
<span style="text-decoration: underline">Trend Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2022 that are reasonably likely to have a material effect on our total net revenues, income, profitability,
liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.E.
<span style="text-decoration: underline">Critical Accounting Estimates</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America
(&#8220;U.S. GAAP&#8221;). The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to
make certain estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and related
notes. Our significant accounting policies are set forth in note 2 to our audited consolidated financial statements included in this
annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_003"></span>ITEM
    6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.A.
<span style="text-decoration: underline">Directors and Senior Management</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding our directors and senior management as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Executive officers</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Teck Lim Chia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 57%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Logeswaran Ramasamy </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dato&#8217;
    Sri Kam Choy Ho</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Ulf Lothar Naujeck</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Karen Yee Lynn Cheah</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Koon Liang Ong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Khai Fei Wong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Raymond Sing Chung Chiu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Teck Lim Chia</i></b>, aged 56, is the chairman of our board of directors and chief executive officer since inception of our Group, and
is primarily responsible for overseeing the strategy and decision making of our Group. He has over 16 years of experience in the oil
and gas related industries and business management. Before founding our Group, Mr. Chia was employed by BrightOil Group, a company based
in Shenzhen, PRC which was principally engaged in the fuel oil business from April 2006 to June 2008, with his last position held as
general director. From June 2008 to September 2011, he served as an executive director of BrightOil Group&#8217;s listing company on
the Hong Kong Stock Exchange and undertook the role of developing the company&#8217;s international business network. From October 2011
to January 2017, Mr. Chia served as a director of an oil trading company. Mr. Chia received a bachelor&#8217;s degree in business administration
management from Oklahoma State University in December 1988 and a master&#8217;s degree in public administration from the University of
Management &amp; Technology in June 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Chia qualifies as a director because he is the founder of our Group and has extensive experience in the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Logeswaran Ramasamy</i></b>, aged 51, has been appointed as our director on March 22, 2023, and is primarily responsible for the overall
operations and management of Banle Marketing, and market development in the Southeast Asia region. Mr. Logeswaran Ramasamy joined our
Group in October 2020. Mr. Logeswaran Ramasamy graduated from the Northern University of Malaysia (University Utara Malaysia) with a
bachelor&#8217;s degree in business administration in July 1997. From September 1997 to March 1998, he worked as a management trainee
at Aurora Tankers Sdn. Bhd. From April 1998 to April 2002, he served at KL Maritime (M) Sdn. Bhd., with his last position held as head
of shipbroking operation. From March 2003 to May 2004, he was a shipbroker at EverGreen Milestone Sdn. Bhd. From June 2004 to February
2006, he was a shipbroker at Nautica Chartering Sdn. Bhd. From March 2006 to March 2015, he was the chief operating officer at KIC Oil
&amp; Gas Sdn. Bhd. Since June 2015, he served as a director of KL Bunkering (M) Sdn. Bhd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. <b><i>Ramasamy</i></b> qualifies as a director because of his extensive experience in the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dato&#8217;
Sri Kam Choy Ho</i></b>, aged 60, has been appointed as our director on March 22, 2023, and is primarily responsible for advising on
strategy, policy, performance and other general matters of our Group. He has over 26 years of experience in the commercial management
of vessels in the shipping industry. Apart from our Group, he has been a director of R.H. Pacific Shipping (Agencies) Limited (previously
known as Hotama Pacific Shipping (Agencies) Limited) since August 1997, a company that primarily engages in shipping and transportation
of bulk/bagged cargo, and he is responsible for supervising the business operation and general management. He joined Straits Energy Resources
Berhad (previously known as Straits Inter Logistics Berhad), shares of which are listed on the ACE Market of Bursa Malaysia Securities
Berhad (stock code: 0080), in August 2016 as a non-independent and non-executive director and was re-designated as an executive director
in January 2017. He is currently the group managing director, and is responsible for the overall business management and strategic development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Dato&#8217; Sri Kam Choy Ho qualifies as a director because of his extensive experience in the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Ulf Lothar Naujeck</i></b>, aged 62, has been appointed as our independent director ,the chairman of the compensation committee and a
member of the nominating and corporate governance committee on March 22, 2023. Mr. Naujeck has over 26 years of experience in procurement
and management. From July 1994 to July 2019, he was employed by Hapag-Lloyd AG, an international container liner operator, with his last
position as a senior director of purchasing and supply. Mr. Naujeck graduated from the University of Hagen (FernUniversit&#228;t in Hagen)
with a diploma in business in September 2001.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Naujeck qualifies as a director because of his extensive experience in the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ms.
Karen Yee Lynn Cheah</i></b>, aged 55, has been appointed as our independent director, the chairperson of the nominating and corporate
governance committee, and a member of the audit committee and compensation committee on March 22, 2023. Ms. Cheah is an advocate and
solicitor in Malaysia and has over 28 years of practice experience in the legal field. She was admitted to the Malaysian Bar in 1995
and commenced full practice since then. Ms. Cheah&#8217;s current primary focus is on information technology and data privacy, mergers
&amp; acquisition, regulatory compliance, foreign direct investments, corporate and commercial contracts, real estate transactions, banking
and finance, private wealth management, and non-contentious tax areas. Ms. Cheah was the Honorary Secretary and Treasurer of the Malaysian
Bar from 2013 to 2017. Ms. Cheah had served 2 terms as the President of the Malaysian Bar and chairman of the Malaysian Bar Council for
terms of 2022/2023 and 2023/2024. She is currently the Immediate Past President of the Malaysian Bar and a member of the Bar Council
for the term 2024/2025. She obtained a bachelor&#8217;s degree in laws from the University of London in 1993 and the Malaysian Certificate
in Legal Practice in 1994.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Ms. Cheah qualifies as a director because of her extensive experience in regulatory compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Koon Liang Ong,</i></b> aged 45, has been appointed as our independent director and the chairman of the audit committee and a member
of the compensation committee on March 22, 2023. Mr. Ong has over 22 years of experience in providing auditing, taxation, liquidation
and other assurance services to companies in Malaysia. He joined Ong &amp; Wong Chartered Accountants in September 2000 as a junior associate
and is currently an audit partner of the firm. Mr. Ong has served as a director of O &amp; W Tax Consultants Sdn. Bhd. since April 2013
up to the present. Mr. Ong has been a member of the Association of Chartered Certified Accountant in Malaysia since July 2004, a member
of the Malaysian Institute of Accountants since August 2005, an approved auditor of the Ministry of Finance Malaysia since February 2013
and a member of the Chartered Tax Institute of Malaysia since March 2014. Mr. Ong graduated from the University of Manchester in June
2000 with a bachelor of arts in economic and social studies (major in accounting).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Ong qualifies as a director because of his extensive experience in financial compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Khai Fei Wong</i></b>, aged 42, has been appointed as our independent director, and a member of the audit committee and nominating and
corporate governance committee on March 22, 2023. Mr. Wong has over 14 years of experience in auditing, taxation and corporate secretarial
matters. He began his professional career in June 2008 with Indah Secretarial (KL) Sdn Bhd (formerly known as Cheng &amp; Co Secretarial
Sdn Bhd) as a secretarial assistant. In July 2013, Mr. Wong set up a corporate secretarial firm which principally provides corporate
secretarial, dissolution and tax advisory services. Mr. Wong has been a manager of OKL Taxation Services Sdn Bhd since 2020. Mr. Wong
has been a licensed company secretary of the Companies Commission of Malaysia since July 2014, an associate member of the Chartered Tax
Institute of Malaysia since October 2020 and a licensed tax agent of the Inland Revenue Board of Malaysia since December 2021. Mr. Wong
graduated from The University of Sheffield in July 2003 with a bachelor&#8217;s degree in arts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Wong qualifies as a director because of his extensive experience in financial compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Raymond Sing Chung Chiu</i></b><i>,</i> aged 65, is the chief financial officer of our Group, and is primarily responsible for formulating
corporate strategies, overall management of financial, mergers and acquisitions and capital market affairs of our Group. Mr. Chiu has
over 19 years of experience in oil and gas related industries and business management. Prior to joining our Group, he was an executive
director of NewOcean Energy Holdings Limited from August 2003 to June 2019, a company listed on the Hong Kong Stock Exchange (stock code
0342). Mr. Chiu graduated from the Hong Kong Polytechnics (currently known as The Hong Kong Polytechnic University) with the Higher Certificate
in Business Studies (Banking) in November 1983.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Diversity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company was listed on the Nasdaq on March 23, 2023 and the composition of our board of directors has remained unchanged since then. The
table below provides certain information regarding the diversity of our board of directors as of March 23, 2023, December 31, 2023 and
the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    Diversity Matrix</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
    of Principal Executive Office</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malaysia</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
    Private Issuer</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
    Prohibited Under Home Country Law</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    Number of Directors</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Part
    I: Gender Identity</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    Not Disclose Gender</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Part
    II: Demographic Background</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"/></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underrepresented
    individual in home country jurisdiction</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LGBTQ+</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    not disclose demographic background</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at the date of this report, the number of Directors who are male and female are six and one, respectively. Our Company is in the course
of identifying suitable female board candidates and intends to have at least two diverse Directors by December 31, 2026.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among any of our directors or executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.B.
<span style="text-decoration: underline">Compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is the compensation paid during the fiscal year ended December 31, 2023, for each of our executive officers and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Teck Lim Chia</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">775,614</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Logeswaran Ramasamy</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,436</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dato&#8217; Sri Kam Choy Ho</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Ulf Lothar Naujeck</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ms. Karen Yee Lynn Cheah</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Koon Liang Ong</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Khai Fei Wong</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Raymond Sing Chung Chiu</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">191,666</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.C.
<span style="text-decoration: underline">Board Practices</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Term
of Office</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Directors Agreement, our directors are appointed for a term commencing from March 22, 2023 and continuing until the Director&#8217;s
successor is duly elected or appointed and qualified or until the Director&#8217;s earlier death, disqualification, resignation or removal
from office, pursuant to the terms of the Director Agreement, the Company&#8217;s then current memorandum and articles of association,
as may be amended from time to time, or any applicable laws, rules, or regulations. In the Annual General Meeting held on November 6,
2023, the Company&#8217;s memorandum and articles of association was amended to require one third of the Directors for the time being
(or, if their number is not a multiple of three (3), the number nearest to but not greater than one third) shall retire from office by
rotation provided that every Director shall be subject to retirement at an annual general meeting at least once every three years. In
the same annual general meeting, all directors and independent directors namely Mr. Teck Lim Chia, Mr. Logeswaran Ramasamy, Dato&#8217;
Sri Kam Choy Ho, Mr. Ulf Lothar Naujeck, Ms. Karen Yee Lynn Cheah, Mr. Koon Liang Ong, and Mr. Khai Fei Wong had retired from office,
and offered themselves for re-election, and all of them had successfully been re-elected to hold their original director positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employment
Agreement with our Chief Executive Officer and Chief Financial Officer</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our Chief Executive Officer and Chief Financial Officer currently serves under an employment agreement, each dated March 22, 2023
(the &#8220;Employment Agreements&#8221;). Under the Employment Agreements, each of our Chief Executive Officer and Chief Financial Officer
receives a monthly base salary of $1,500. The Employment Agreements may be terminated in accordance with our articles of association.
None of the Employment Agreements provides for benefits upon termination of employment of our executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors
Agreements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 22, 2023, we entered into Director Agreements (the &#8220;Director Agreements&#8221;) with each of our directors. The term of each
such appointment is stated in the abovementioned &#8220;Term of Office&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than Mr. Ulf Lothar Naujeck who chooses not to receive any compensation, each of our directors received a monthly remuneration of $2,500
commencing March 22, 2023 till December 31, 2023. As approved by the Compensation Committee, such monthly remuneration was increased
to US$2,600 with effect from January 1, 2024. None of the Director Agreements provides for benefits upon termination of appointment of
our directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Meetings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were altogether 5 board meetings held in 2023 subsequent to the listing of the Company on Nasdaq on March 23, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the attendance of directors at meetings of the Board during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Director</b></span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of Meetings attended</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors:</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Teck Lim, Chia, Chairman</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Logeswaran Ramasamy </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dato&#8217;
    Sri Kam Choy Ho</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/5</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
    Directors:</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Ulf Nothar Naujeck</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Karen Karen Yee Lynn Cheah</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Koon Liang Ong</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Khai Fei Wong</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/5</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors
Training</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has a record of directors receiving training on &#8220;Nasdaq Rules on Directors&#8217; Independence and Corporate Governance
Matters&#8221; as organized by Loeb &amp; Loeb LLP. All the Directors and Independent Directors attended the seminar for the directors
training on November 6, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Committees
of the Board</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established and will maintain three committees under the board of directors: an audit committee, a compensation committee, and a
nominating and corporate governance committee. We have adopted the charter for each of the three committees. Each committee&#8217;s members
and functions are described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee consists of Mr. Ong, Ms. Cheah and Mr. Wong and is chaired by Mr. Ong. We have determined that each of these 3 directors
satisfies the &#8220;independence&#8221; requirements of the Nasdaq Listing Rules and meet the independence standards under Rule 10A-3
under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Ong qualifies as an &#8220;audit committee financial
expert.&#8221; The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements.
The audit committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    or replacing the independent registered public accounting firm; determining the compensation and oversight of the work of the independent
    registered public accounting firm for the purpose of preparing or issuing an audit report or related work with the independent registered
    public accounting firm reporting directly to the audit committee.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving
    all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meeting
    with the independent registered public accounting firm prior to the audit to review the scope, planning and staffing of the audit;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and discussing with management and the independent registered public accounting firm the annual audit report, the financial statements
    and related notes and the &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;
    proposed to be included in the Company&#8217;s Annual Report on Form 20-F, and recommend to the Board whether the audited financial
    statements and related notes and the &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;
    should be included in the Annual Report on Form 20-F;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
    with management and the independent registered public accounting firm, as appropriate, significant financial reporting issues and
    judgments made in connection with the preparation of the annual audited financial statements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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    and control major financial risk exposures;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discussing
    with the independent registered public accounting firm the matters required to be discussed by Statement on Auditing Standards No.
    61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions
    on the scope of activities or access to requested information, and any significant disagreements with management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reviewing
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    process for the Form 20-F about any significant deficiencies and material weaknesses in the design or operation of internal control
    over financial reporting and any fraud involving management or other employees who have a significant role in the Company&#8217;s
    internal control over financial reporting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtaining
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually
    reviewing and reassessing the adequacy of our audit committee charter;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inquiring
    and discussing with management the Company&#8217;s compliance with applicable laws and regulations and with the Company&#8217;s Code
    of Ethics in effect at such time, if any, and, where applicable, recommend policies and procedures for future compliance.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discussing
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    and any published reports that raise material issues regarding the Company&#8217;s financial statements or accounting policies.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
    separately and periodically with management and the independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting
    regularly to the board.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were altogether 4 Audit Committee meetings held in 2023 subsequent to the listing of the Company on Nasdaq on March 23, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the attendance of directors at meetings of the Audit Committee during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Director</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of Meetings attended</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
    Directors:</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Koon Liang Ong</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Khai Fei Wong</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/4</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee consists of Mr. Naujeck, Mr. Ong Ms. Cheah and is chaired by Mr. Naujeck. We have determined that each of these
directors satisfies the &#8220;independence&#8221; requirements of the Nasdaq Listing Rules. The compensation committee assists the board
in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers.
Our executive officers may not be present at any committee meeting during which their compensation is deliberated upon. The compensation
committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establishing,
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    compensation consultant, legal counsel or other adviser of the Compensation Committee only after taking into consideration all factors
    relevant to that person&#8217;s independence from management.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking
    such other responsibilities or tasks as the Board may delegate or assign to the Committee from time to time.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were altogether 3 Compensation Committee meetings held in 2023 subsequent to the listing of the Company on Nasdaq on March 23, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the attendance of directors at the meetings of the Compensation Committee during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
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    <td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Ulf Lothar Naujeck</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Karen Yee Lynn Cheah</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/3</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
nominating and corporate governance committee consists of Ms. Cheah, Mr. Naujeck and Mr. Wong and is chaired by Ms. Cheah. We have determined
that each of these directors satisfies the &#8220;independence&#8221; requirements of the Nasdaq Listing Rules. The nominating and corporate
governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition
of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending
    nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills,
    experience, expertise, diversity and availability of service to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as
    well as of the nominating and corporate governance committee itself;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
    and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments
    in the law and practice of corporate governance and our compliance with such laws and practices; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    the performance and effectiveness of the board as a whole.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performing
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    appropriate.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reporting
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Periodically
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were altogether 2 Nominating and Corporate Governance Committee meetings held in 2023 subsequent to the listing of the Company on Nasdaq
on March 23, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the attendance of directors at the meetings of the Compensation Committee during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Director</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Khai Fei Wong</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Private Issuer Exemption</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer,&#8221; as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq,
we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq
corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
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    days of their occurrence, and from the disclosure requirements of Regulation FD.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such
    waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices
in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq&#8217;s
Notification of Non-compliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If
we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the
same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If
we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 43; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of the Nasdaq
corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including
the requirement to hold annual meetings of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Duties
of Directors</i></b></span></p>

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Cayman Islands law, our board of directors has the powers necessary for managing, and for directing and supervising, our business affairs.
The functions and powers of our board of directors include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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Cayman Islands law, directors owe the following fiduciary duties: (i) duty to act in good faith in what the director believes to be in
the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and
not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves
in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent
judgment. In addition to the above, directors also owe a duty to act with skill, care and diligence. This duty has been defined as a
requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected
of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge
skill and experience which that director has. As set out above, directors have a duty not to put themselves in a position of conflict
and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances
what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is
full disclosure by the directors</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Equity
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

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have not adopted any equity compensation plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Outstanding
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

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of December 31, 2023, we had no outstanding equity awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.D.
<span style="text-decoration: underline">Employees</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunkering</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IR
    &amp; PR</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administration</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.E.
<span style="text-decoration: underline">Share Ownership</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, as of the date of this report, the beneficial ownership of our ordinary shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our ordinary shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 25,000,000 ordinary shares
issued and outstanding. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment
power with respect to, or the power to receive the economic benefit of ownership of, the securities. In computing the number of shares
beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to
acquire within 60 days, including through the exercise of any option or other right or the conversion of any other security. However,
these shares are not included in the computation of the percentage ownership of any other person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Ordinary
    Shares Beneficially Owned</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            Owned </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors and Executive
    Officers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teck Lim Chia
    <sup>(1)</sup></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,175,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">52.7</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dato&#8217; Sri Kam Choy Ho<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Logeswaran Ramasamy</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ulf Lothar Naujeck</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Karen Yee Lynn Cheah</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Koon Liang Ong</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Khai Fei Wong</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sing Chung Raymond Chiu</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8211;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">All directors and executive officers as a group</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,175,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">52.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">5% and Greater Principal
    Shareholders:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL (Asia) Limited<sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,175,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">52.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits Energy Resources Berhad<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,075,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">32.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiaoling Lu<sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,175,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">52.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
    (Asia) Limited, or CBL (Asia), a limited liability company incorporated in Hong Kong, is the record holder of the shares reported
    herein. CBL (Asia) is owned as to 51% by Mr. Teck Lim Chia, our Chairman and Chief Executive Officer, 44% by Ms. Xiaoling Lu and
    5% by Mr. Yuan He. By virtue of Mr. Chia and Ms. Lu&#8217;s control over CBL (Asia), each of them may be deemed to beneficially own
    shares held by CBL (Asia). The registered office of CBL (Asia) is located at Room 1213, 12/F., Tower A, Hunghom Commercial Centre,
    39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits
    Energy Resources Berhad, or Straits, a Malaysian company whose shares are listed on the ACE Market of Bursa Malaysia Securities Berhad
    (stock code: 0080), is the record holder and beneficial owner of the shares reported herein. The registered office of Straits is
    located at No. 149A, 149B, 151B, Persiaran Raja Muda Musa, 42000 Port Klang, Selangor Darul Ehsan. Straits&#8217; board of directors
    has voting and/or dispositive control over the shares held by Straits. Each of the directors and the board of directors of Straits disclaims beneficial
    ownership of the shares of the Company held by Straits.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
(Asia) controls a significant ownership interest of the Company and will be able to exercise approximately 52.7% of the total voting
power of the Company&#8217;s issued and outstanding share capital. The Company is not directly or indirectly owned or controlled by any
foreign government. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.F.
<span style="text-decoration: underline">Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that
emphasizes integrity and accountability and that reinforces the Company&#8217;s pay-for-performance compensation philosophy. Accordingly,
the Clawback Policy was adopted by the board of directors of the Company in the board meeting dated November 6, 2023, providing for the
recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial
reporting requirements under the federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Clawback Policy,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Policy shall be administered by the Board</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Covered Executives include the Company&#8217;s current and former executive officers, such
                                            other senior executives/employees of the Company as well as those of the Company&#8217;s
                                            key subsidiaries.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Board will require reimbursement or forfeiture of any excess Incentive Compensation received
                                            by any Covered Executive when the Company is required to prepare an accounting restatement.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            amount to be received will be the excess of the Incentive Compensation paid to the Covered
                                            Executive based on the erroneous data over the Incentive Compensation that would have been
                                            paid to the Covered Executive had it been based on the restated results, as determined by
                                            the Board.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Board will determine the method for recouping Incentive Compensation including but not limited
                                            to reimbursement of cash.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded
                                            Incentive Compensation.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_004"></span>ITEM
    7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.
<span style="text-decoration: underline">Major Shareholders</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.B.
<span style="text-decoration: underline">Related Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth below, during our preceding three financial years up to the date of this report, there have been no transactions or loans
between the company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by,
or are under common control with, the company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting
power of the company that gives them significant influence over the company, and close members of any such individual&#8217;s family;
(d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the
activities of the company, including directors and senior management of companies and close members of such individuals&#8217; families;
and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in
(c) or (d) or over which such a person is able to exercise significant influence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, to 2023, we had the following amounts due from / to related parties which are non-trade related, unsecured and
repayable on demand:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Name of
    related parties</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, <br/>2023</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, <br/>2022</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, <br/>2021</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Banle International Holding Limited</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,509,988</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,509,988</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    1:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
    (Asia) Limited is a company holding 52.7% share of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    2:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits
    Energy Resources Berhad (&#8220;Straits&#8221;) is a company incorporated and listed in Malaysia, holding 32.3% shares of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    3:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banle
    International Holding Limited is a company which is 62% shares held by CBL (Asia) Limited and 38% shares held by Straits.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.C.
<span style="text-decoration: underline">Interests of Experts and Counsels</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_005"></span>ITEM
    8.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.A.
<span style="text-decoration: underline">Consolidated Statements and Other Financial Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.B.
<span style="text-decoration: underline">Significant Changes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant change has occurred since the date of our consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_006"></span>ITEM
    9.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
    OFFER AND LISTING</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.
<span style="text-decoration: underline">Offer and Listing Details</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Our
ordinary shares are listed on the Nasdaq Capital Market under the symbol &#8220;BANL,&#8221; and began trading on March 23, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.B.
<span style="text-decoration: underline">Plan of Distribution</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.C.
<span style="text-decoration: underline">Markets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
our disclosures above under &#8220;9.A. Offer and Listing Details.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.D.
<span style="text-decoration: underline">Selling Shareholders</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.E.
<span style="text-decoration: underline">Dilution</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.F.
<span style="text-decoration: underline">Expenses of the Issue</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_007"></span>ITEM
    10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADDITIONAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.
<span style="text-decoration: underline">Share Capital</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, our company&#8217;s authorized share capital is $50,000 divided into 500,000,000 ordinary shares with
a par value of $0.0001 each. As of the date of this report, 25,000,000 ordinary shares are issued and outstanding. All of our issued
and outstanding ordinary shares are fully paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.B.
<span style="text-decoration: underline">Memorandum and Articles of Association</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
on our Memorandum and Articles of Association is incorporated herein by reference to the section headed &#8220;Description Of Share Capital&#8221;
of the Company&#8217;s Registration Statement on Form F-1 in connection with the IPO filed on December 19, 2022 (Registration No. 333-267077).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the Annual General Meeting dated November 6, 2023, the Articles of Association was amended as to: (i) allowing general meetings to be
held as a physical meeting, hybrid meeting or a virtual meeting where shareholders may attend by electronic means in addition to being
present in person physically; (ii) publishing the notices of general meetings and other corporate communication on the Company&#8217;s
website; and (iii) requiring one third of the Directors to retire from office and offer themselves for re-electron at each annual general
meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.C.
<span style="text-decoration: underline">Material Contracts</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the two years immediately preceding the date of this report, we have not entered into any material contracts other than in the ordinary
course of business and other than those described below and in Item 6 &#8220;Directors, Senior Management and Employees,&#8221; Item
7 &#8220;Major Shareholders and Related Party Transactions,&#8221; or filed (or incorporated by reference) as exhibits to this annual
report or otherwise described or referenced in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the IPO, the Company entered into an underwriting agreement with Pacific Century Securities, LLC (as representatives
of the underwriters named therein), dated March 22, 2023, attached as Exhibit 1.1 to the Company&#8217;s Current Report on Form 6-K filed
on March 28, 2023 and incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10.D</span>.
<span style="text-decoration: underline">Exchange Controls</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
Foreign Exchange Controls</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal regulations governing foreign currency exchanges in the PRC are the Foreign Exchange Administration Regulations of the PRC
which was promulgated by the State Council on 29 January 1996, and which became effective on 1 April 1996 and was subsequently amended
on 14 January 1997 and 5 August 2008, and the Regulation on the Administration of Foreign Exchange Settlement, Sale and Payment which
was promulgated on 20 June 1996 and became effective on 1 July 1996. Under these existing PRC foreign exchange control regulations, all
international payments and transfers are classified into current account items and capital account items. Foreign currency payments under
current account items by domestic institutions, including payments for imports and exports of goods and services and payments of income
and current transfers into and outside the PRC must be either paid with their own foreign currency with valid documentation or with the
foreign currency purchased from financial institutions. Foreign currency income under current account items may be retained or sold to
financial institutions. Foreign currency payments under capital account items include cross-border transfers of capital, direct investments,
securities investments, derivative products and loans, and must be made out of a domestic institution&#8217;s own foreign currency with
valid documentation or be made with foreign currency purchased from any financial institution. The payments of current account items
can be made in foreign currencies without the prior approval from the SAFE, by complying with certain procedural requirements. However,
payments under the capital account items are subject to significant foreign exchange controls and require the prior approval from the
SAFE or the registration with the SAFE or its designated banks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
13 February 2015, the SAFE promulgated the Notice of the SAFE on Further Simplifying and Improving the Direct Investment-related Foreign
Exchange Administration Policies (the &#8220;SAFE Circular No. 13&#8221;) effective from 1 June 2015 and was amended on 30 December 2019,
providing that, the foreign exchange registration under domestic direct investment and foreign exchange registration under overseas direct
investment are directly reviewed and handled by banks in accordance with the SAFE Circular No.13, and the SAFE and its branches shall
perform indirect regulation over the foreign exchange registration via banks. On 23 October 2019, SAFE promulgated the Notice of the
SAFE on Further Promoting the Facilitation of Cross-border Trade and Investment (the &#8220;SAFE Circular No. 28&#8221;), which came
into force on the same day. SAFE Circular No.28 cancels the restriction on domestic equity investment made with capital funds by non-investment
foreign-invested enterprises, expands the pilot program for facilitation of domestic payment under capital account, and relaxes the restriction
on settlement and use of foreign exchange funds under capital account, etc. On 10 April 2020, SAFE promulgated the Notice of the SAFE
on Optimizing Administration of Foreign Exchange to Support the Development of Foreign-related Business. Pursuant to which, eligible
enterprises are allowed to make domestic payments by using their registered capitals, foreign debts and financings from overseas listing,
with no need to provide authenticity certification materials of each of such funds for banks in advance, provided that their funds usage
shall be authentic and in line with the currently effective administrative regulations on the use of funds under capital accounts. The
relevant banks may conduct random inspection in accordance with the relevant requirements, in which case the certain authenticity certification
of such funds may be required to be provided.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Circular of the State Administration of Foreign Exchange on Further Deepening Reforms to Facilitate Cross-Border Trade and Investment
(Hui Fa [2023] No.28), which was issued and came into effect on 4 December 2023 by the SAFE, the equity transfer consideration paid in
foreign currency by domestic entities owe to domestic equity transferors (including institutions and individuals), as well as the foreign
exchange funds raised by domestic enterprises listed overseas, can be remitted to the capital project settlement account directly. The
funds in the capital project settlement account can be independently settled and utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cayman
Islands Exchange Controls</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no material exchange controls restrictions on payment of dividends, interest or other payments to the holders of our common stock
or on the conduct of our operations in the Cayman Islands, where we were incorporated. There are no material Cayman Islands laws that
impose any material exchange controls on us or that affect the payment of dividends, interest or other payments to nonresident holders
of our common stock. Cayman Islands law and our memorandum and articles of association do not impose any material limitations on the
right of non-residents or foreign owners to hold or vote our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.E.
<span style="text-decoration: underline">Taxation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman
Islands Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company or its shareholders
levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought
within Cayman Islands. The Cayman Islands is not party to any double-tax treaties that are applicable to any payments made to or by the
Company save and except that the Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010. There
are no foreign exchange controls or foreign exchange regulations or currency restrictions in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of China Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Arrangement between China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion
on Income, or the Tax Arrangement, where a Hong Kong resident enterprise which is considered a non-PRC tax resident enterprise directly
holds at least 25% of a PRC enterprise, the withholding tax rate in respect of the payment of dividends by such PRC enterprise to such
Hong Kong resident enterprise is reduced to 5% from a standard rate of 10%, subject to approval of the PRC local tax authority. Pursuant
to the Notice of the State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements,
or Circular 81, a resident enterprise of the counter-party to such Tax Arrangement should meet the following conditions, among others,
in order to enjoy the reduced withholding tax under the Tax Arrangement: (i) it must directly own the required percentage of equity interests
and voting rights in such PRC resident enterprise; and (ii) it should directly own such percentage in the PRC resident enterprise anytime
in the 12 months prior to receiving the dividends. Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments
under Tax Treaties (For Trial Implementation), or the Administrative Measures, which became effective in October 2009, requires that
the non-resident enterprises must obtain the approval from the relevant tax authority in order to enjoy the reduced withholding tax rate
under the tax treaties. There are also other conditions for enjoying such reduced withholding tax rate according to other relevant tax
rules and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hong
Kong Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
taxation of income and capital gains of holders of ordinary shares is subject to the laws and practices of Hong Kong and of jurisdictions
in which holders of ordinary shares are resident or otherwise subject to tax. The following summary of certain relevant taxation provisions
under Hong Kong law is based on current law and practice, is subject to changes therein and does not constitute legal or tax advice.
The discussion does not deal with all possible tax consequences relating to an investment in the ordinary shares. Accordingly, each prospective
investor (particularly those subject to special tax rules, such as banks, dealers, insurance companies, tax-exempt entities and holders
of 10% or more of our voting capital stock) should consult its own tax advisor regarding the tax consequences of an investment in the
ordinary shares. The discussion is based upon laws and relevant interpretations thereof in effect as of the date of this report, all
of which are subject to change. There is no reciprocal tax treaty in effect between Hong Kong and the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
on Dividends</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current practices of the Hong Kong Inland Revenue Department, no tax is payable in Hong Kong in respect of dividends paid by us as
a company incorporated in Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Profits
Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
tax is imposed in Hong Kong in respect of capital gains from the sale of property (such as the ordinary shares). Trading gains from the
sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong
Kong from such trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5%
and 15% on corporations and unincorporated businesses, respectively, and at a maximum rate of 15% on individuals. Liability for Hong
Kong profits tax may thus arise in respect of trading gains from sales of ordinary shares realized by persons carrying on a business
or trading or dealing in securities in Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Malaysia
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Tax Act 1967</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Income Tax Act 1967 (&#8220;<b>ITA 1967</b>&#8221;), income tax shall be charged for each year of assessment upon the income of
any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia. Section 7 of ITA 1967 defines tax resident
as an individual who has been residing in Malaysia for 182 days or more of the tax year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company will be a tax resident in Malaysia if its management and control of business are exercised in Malaysia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resident
companies with a paid-up capital of RM2,500,000 or more and non-resident companies are subject to a tax rate of 24% with effect from
the year of assessment 2020. In cases of resident companies with a paid-up capital of less than RM2,500,000, they are taxed at the rate
of 17% for the first RM600,000 and 24% for any sum in excess of RM600,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Withholding
Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malaysia
imposes a withholding tax on certain payments to non-residents, including, without limitation, royalties, technical fees, installation
fees and rental of movable property. The rate of withholding tax is generally between 10% and 15% unless there is a double-taxation agreement
between Malaysia and the country of the non-resident, in which case, the withholding tax rate may be reduced.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxes
on Dividends</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no further income tax on dividends received from a Malaysian company. Tax imposed on the company&#8217;s profits will be the final
tax and dividends distributed to the Shareholders will not be subject to further tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Income Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the material U.S. federal income tax consequences of owning and disposing of our ordinary shares. The discussion
below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to a beneficial owner of our shares that is
for U.S. federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual citizen or resident of the U.S.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the U.S., any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to
    control all substantial decisions of the trust; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
    has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a beneficial owner of our shares is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a &#8220;Non-U.S. Holder.&#8221; The U.S. federal income tax
consequences applicable specifically to non-U.S. Holders is described below under the heading &#8220;Tax Consequences to Non-U.S. Holders
of Ordinary Shares.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is based on the Internal Revenue Code of 1986, as amended, or the Code, its legislative history, existing and proposed Treasury
regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject
to change or different interpretations, possibly on a retroactive basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to us or to any particular Holder of our
shares based on such Holder&#8217;s individual circumstances. In particular, this discussion considers only Holders that own our shares
as capital assets within the meaning of Section 1221 of the Code. This discussion also does not address the potential application of
the alternative minimum tax or the U.S. federal income tax consequences to Holders that are subject to special rules, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    institutions or financial services entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
    who have elected mark-to-market accounting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
    or agencies or instrumentalities thereof;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    expatriates or former long-term residents of the U.S.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that actually or constructively own 5% or more of our voting shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that acquired our shares pursuant to the exercise of employee stock options, in connection with employee stock incentive plans or
    otherwise as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that hold our shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    whose functional currency is not the U.S. Dollars.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S.
tax laws. Additionally, this discussion does not consider the tax treatment of partnerships or other pass-through entities or persons
who hold our securities through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income
tax purposes) is the beneficial owner of our shares, the U.S. federal income tax treatment of a partner in the partnership will generally
depend on the status of the partner and the activities of the partnership. This discussion also assumes that any distribution made (or
deemed made) regarding our shares and any consideration received (or deemed received) by a Holder connected with selling or other disposition
of such shares will be in U.S. Dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not sought, and will not seek, a ruling from the Internal Revenue Service (the &#8220;IRS&#8221;), or an opinion of counsel as to
any U.S. federal income tax consequence described herein. The IRS may disagree with one or more aspects of the discussion herein, and
its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BECAUSE
OF THE COMPLEXITY OF THE TAX LAWS AND BECAUSE THE TAX CONSEQUENCES TO THE COMPANY OR TO ANY PARTICULAR HOLDER OF OUR SECURITIES MAY BE
AFFECTED BY MATTERS NOT DISCUSSED HEREIN, EACH HOLDER OF OUR SECURITIES IS URGED TO CONSULT WITH ITS TAX ADVISOR REGARDING THE SPECIFIC
TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-U.S.
TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND APPLICABLE TAX TREATIES.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Consequences to U.S. Holders of Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Distributions Paid on Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company, or PFIC, rules discussed below, a U.S. Holder generally will be required to include in gross
income as ordinary income the amount of any cash dividend paid on our ordinary shares. A cash distribution on such shares will be treated
as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated earnings
and profits (as determined for U.S. federal income tax purposes). Such dividend will not be eligible for the dividends-received deduction
generally allowed to domestic corporations regarding dividends received from other domestic corporations. Any distributions in excess
of such earnings and profits generally will be applied against and reduce the U.S. Holder&#8217;s basis in its ordinary shares and, to
the extent in excess of such basis, will be treated as gain from the sale or exchange of such ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regarding
non-corporate U.S. Holders for taxable years beginning before January 1, 2013, dividends may be taxed at the lower applicable long-term
capital gains rate (see &#8220;&#8212; Taxation on the Disposition of Ordinary Shares&#8221; below) provided that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ordinary shares are readily tradable on an established securities market in the U.S. or, in the event we are deemed to be a Chinese
    &#8220;resident enterprise&#8221; under the EIT Law, we are eligible for the benefits of the Agreement between the Government of
    the United States of America and the Government of the People&#8217;s Republic of China for the Avoidance of Double Taxation and
    the Prevention of Tax Evasion regarding Taxes on Income, or the &#8220;U.S.-PRC Tax Treaty;&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are not a PFIC, as discussed below, for either the taxable year in which the dividend was paid or the preceding taxable year; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    holding period requirements are met. Under published IRS authority, shares are considered for purposes of clause (1) above to be
    readily tradable on an established securities market in the U.S. only if they are listed on certain exchanges, which presently include
    the NASDAQ Stock Market but do not include the OTC Bulletin Board.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are not able to maintain listing on Nasdaq, it is anticipated that our ordinary shares will be quoted and traded only on the OTC Bulletin
Board. In that case, any dividends paid on our ordinary shares would not qualify for the lower rate unless we are deemed to be a Chinese
&#8220;resident enterprise&#8221; under the EIT Law and are eligible for the benefits of the U.S.-PRC Tax Treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the special provisions described above, dealing with the taxation of qualified dividend income at the lower long-term capital gains rate,
are extended, this favorable treatment will not apply to dividends in taxable years beginning on or after January 1, 2013. U.S. Holders
should consult their own tax advisors regarding the availability of the lower rate for any dividends paid regarding our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
PRC taxes apply to dividends paid to a U.S. Holder on our ordinary shares, such U.S. Holder may be entitled to a reduced rate of PRC
tax under the U.S-PRC Tax Treaty. In addition, such PRC taxes may be treated as foreign taxes eligible for credit against such Holder&#8217;s
U.S. federal income tax liability (subject to certain limitations). U.S. Holders should consult their own tax advisors regarding the
creditability of any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
on the Disposition of Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a sale or other taxable disposition of our ordinary shares, and subject to the PFIC rules discussed below, a U.S. Holder should recognize
capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder&#8217;s adjusted tax basis
in the ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
gains recognized by U.S. Holders generally are subject to U.S. federal income tax at the same rate as ordinary income, except that long-term
capital gains recognized by non-corporate U.S. Holders are generally subject to U.S. federal income tax at a maximum rate of 15% for
taxable years beginning before January 1, 2013 (and 20% thereafter). Capital gain or loss will constitute long-term capital gain or loss
if the U.S. Holder&#8217;s holding period for the ordinary shares exceeds one year. The deductibility of capital losses is subject to
various limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
PRC taxes would otherwise apply to any gain from the disposition of our ordinary shares by a U.S. Holder, such U.S. Holder may be entitled
to a reduction in or elimination of such taxes under the U.S.-PRC Tax Treaty. Any PRC taxes that are paid by a U.S. Holder regarding
such gain may be treated as foreign taxes eligible for credit against such Holder&#8217;s U.S. federal income tax liability (subject
to certain limitations which could reduce or eliminate the available tax credit). U.S. Holders should consult their own tax advisors
regarding the creditability of any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally will be subject to a 3.8% Medicare
contribution tax on unearned income, including, among other things, cash dividends on, and capital gains from the sale or other taxable
disposition of, our ordinary shares, subject to certain limitations and exceptions. U.S. Holders should consult their own tax advisors
regarding the effect, if any, of such tax on their ownership and disposition of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Rules</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
foreign (<i>i.e.</i>, non-U.S.) corporation will be a PFIC if at least 75% of its gross income in a taxable year of the foreign corporation,
including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value,
is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets in a taxable year of the foreign
corporation, ordinarily determined based on fair market value and averaged quarterly over the year, including its pro rata share of the
assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce,
passive income. Passive income generally includes dividends, interest, rents and royalties (other than certain rents or royalties derived
from the active conduct of a trade or business) and gains from the disposition of passive assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
PFIC status is determined on an annual basis and generally cannot be determined until the end of a taxable year, based on the nature
of our current and expected income and the current and expected value and composition of our assets, we do not presently expect to be
a PFIC for our current taxable year or the foreseeable future. However, there can be no assurance given in this regard because the determination
of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition
of our income and assets. In addition, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not
successfully challenge our position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are determined to be a PFIC and a U.S. Holder did not make either a timely qualified electing fund, or QEF, election for our first
taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) ordinary shares, or a mark-to-market election, as described
below, such Holder generally will be subject to special rules regarding:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    &#8220;excess distribution&#8221; made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder regarding the ordinary
    shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&#8217;s holding period for the
    ordinary shares).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    U.S. Holder&#8217;s gain or excess distribution will be allocated ratably over the U.S. Holder&#8217;s holding period for the ordinary
    shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the U.S. Holder&#8217;s taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
    or to the period in the U.S. Holder&#8217;s holding period before the first day of our first taxable year in which we are a PFIC,
    will be taxed as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    interest charge generally applicable to underpayments of tax will be imposed regarding the tax attributable to each such year of
    the U.S. Holder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a U.S. Holder may avoid the PFIC tax consequences described above in respect to our ordinary shares by making a timely QEF election
to include in income its pro rata share of our net capital gains (as long-term capital gain) and other earnings and profits (as ordinary
income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S. Holder in which or with which our
taxable year ends. There can be no assurance, however, that we will pay current dividends or make other distributions sufficient for
a U.S. Holder who makes a QEF election to satisfy the tax liability attributable to income inclusions under the QEF rules, and the U.S.
Holder may have to pay the resulting tax from its other assets. A U.S. Holder may make a separate election to defer the payment of taxes
on undistributed income inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company
or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S. federal
income tax return for the tax year to which the election relates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retroactive
QEF elections generally may be made only by filing a protective statement with such return and if certain other conditions are met or
with the consent of the IRS. To comply with the requirements of a QEF election, a U.S. Holder must receive certain information from us.
Upon request from a U.S. Holder, we will endeavor to provide to the U.S. Holder no later than 90 days after the request such information
as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF
election. However, there is no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required
information to be provided.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder has made a QEF election regarding our ordinary shares, and the special tax and interest charge rules do not apply to such
shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) such
shares), any gain recognized on the appreciation of our ordinary shares generally will be taxable as capital gain and no interest charge
will be imposed. As discussed above, U.S. Holders of a QEF are currently taxed on their pro rata shares of its earnings and profits,
whether or not distributed. In such case, a subsequent distribution of such earnings and profits that were previously included in income
generally should not be taxable as a dividend to those U.S. Holders who made a QEF election. The tax basis of a U.S. Holder&#8217;s shares
in a QEF will be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under
the above rules. Similar basis adjustments apply to property if by reason of holding such property the U.S. Holder is treated under the
applicable attribution rules as owning shares in a QEF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
determination as to our PFIC status will be made annually. But, an initial determination that our Company is a PFIC will generally apply
for subsequent years to a U.S. Holder who held ordinary shares while we were a PFIC, whether or not we meet the test for PFIC status
in those years. A U.S. Holder who makes the QEF election discussed above for our first taxable year as a PFIC in which the U.S. Holder
holds (or is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above
in respect to such shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime regarding such shares for any
taxable year of ours that ends within or with a taxable year of the U.S. Holder and in which we are not a PFIC. But, if the QEF election
is not effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds (or is deemed to hold) our ordinary shares,
the PFIC rules discussed above will continue to apply to such shares unless the Holder makes a purging election, and pays the tax and
interest charge regarding the gain inherent in such shares attributable to the pre-QEF election period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if a U.S. Holder, at the close of its taxable year, owns shares in a PFIC that are treated as marketable stock, the U.S. Holder may make
a mark-to-market election regarding such shares for such taxable year. If the U.S. Holder makes a valid mark-to-market election for the
first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) shares in us and for which we are determined
to be a PFIC, such Holder generally will not be subject to the PFIC rules described above in respect to its ordinary shares. Instead,
in general, the U.S. Holder will include as ordinary income each year the excess, if any, of the fair market value of its ordinary shares
at the end of its taxable year over the adjusted basis in its ordinary shares. The U.S. Holder also will be allowed to take an ordinary
loss regarding the excess, if any, of the adjusted basis of its ordinary shares over the fair market value of its ordinary shares at
the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market
election). The U.S. Holder&#8217;s basis in its ordinary shares will be adjusted to reflect any such income or loss amounts, and any
further gain recognized on a sale or other taxable disposition of the ordinary shares will be treated as ordinary income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the SEC, or on a foreign exchange or market that the IRS determines has rules sufficient to establish that the market price represents
a legitimate and sound fair market value. We became listed on the NASDAQ Stock Market in March 2023, but if we are not able to maintain
such a listing, our ordinary shares may be quoted and traded only on the OTC Bulletin Board. If our ordinary shares were to be quoted
and traded only on the OTC Bulletin Board, such shares may not currently qualify as marketable stock for purposes of the election. U.S.
Holders should consult their own tax advisors regarding the availability and tax consequences of a mark-to-market election in respect
to our ordinary shares under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders generally would be deemed to own
a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described
above if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC. Upon request, we will endeavor
to cause any lower-tier PFIC to provide to a U.S. Holder no later than 90 days after the request the information that may be required
to make or maintain a QEF election regarding the lower-tier PFIC. However, there is no assurance that we will have timely knowledge of
the status of any such lower-tier PFIC or will be able to cause the lower-tier PFIC to provide the required information. U.S. Holders
are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder owns (or is deemed to own) shares during any year in a PFIC, such Holder may have to file an IRS Form 8621 (whether or
not a QEF election or mark-to-market election is made).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in addition
to those described above. Accordingly, U.S. Holders of our ordinary shares should consult their own tax advisors concerning the application
of the PFIC rules to our ordinary shares under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Consequences to Non-U.S. Holders of Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid to a non-U.S. Holder in respect to its ordinary shares generally will not be subject to U.S. federal income tax, unless the dividends
are effectively in connection with the non-U.S. Holder&#8217;s conduct of a trade or business within the U.S. (and, if required by an
applicable income tax treaty, are attributable to a permanent establishment or fixed base that such Holder maintains in the U.S.).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition
of our ordinary shares, unless such gain is effectively in connection with its conduct of a trade or business in the U.S. (and, if required
by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such Holder maintains in the U.S.)
or the non-U.S. Holder is an individual who is present in the U.S. for 183 days or more in the taxable year of sale or other disposition
and certain other conditions are met (in which case, such gain from U.S. sources generally is subject to tax at a 30% rate or a lower
applicable tax treaty rate).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and gains that are effectively in connection with the non-U.S. Holder&#8217;s conduct of a trade or business in the U.S. (and, if required
by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the U.S.) generally will be subject
to tax in the same manner as for a U.S. Holder and, in the case of a non-U.S. Holder that is a corporation for U.S. federal income tax
purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Backup
Withholding and Information Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on our ordinary shares within
the U.S. to a non-corporate U.S. Holder and to the proceeds from sales and other dispositions of our ordinary shares by a non-corporate
U.S. Holder to or through a U.S. office of a broker. Payments made (and sales and other dispositions effected at an office) outside the
U.S. will be subject to information reporting in limited circumstances. In addition, backup withholding of United States federal income
tax, currently at a rate of 28%, generally will apply to dividends paid on our ordinary shares to a non-corporate U.S. Holder and the
proceeds from sales and other dispositions of shares by a non-corporate U.S. Holder, in each case who:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fails
    to provide an accurate taxpayer identification number;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    notified by the IRS that backup withholding is required; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    certain circumstances, fails to comply with applicable certification requirements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
current individual income tax rates are extended, the backup withholding rate will increase to 31% for payments made on or after January
1, 2013. A non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification
of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. Holder&#8217;s
or a non-U.S. Holder&#8217;s U.S. federal income tax liability and may entitle such Holder to a refund, provided that certain required
information is timely furnished to the IRS. Holders are urged to consult their own tax advisors regarding the application of backup withholding
and the availability of and procedure for obtaining an exemption from backup withholding in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
taxable years beginning after March 18, 2010, individual U.S. Holders may be required to report ownership of our ordinary shares and
certain related information on their individual federal income tax returns in certain circumstances. Generally, this reporting requirement
will apply if: (1) the ordinary shares are held in an account of the individual U.S. Holder maintained with a &#8220;foreign financial
institution&#8221;; or (2) the ordinary shares are not held in an account maintained with a &#8220;financial institution,&#8221; as such
terms are defined in the Code. The reporting obligation will not apply to an individual, however, unless the total aggregate value of
the individual&#8217;s foreign financial assets exceeds $50,000 during a taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
clarification, this reporting requirement should not apply to ordinary shares held in an account with a U.S. brokerage firm. Not complying
with this reporting requirement, if it applies, will result in substantial penalties. In certain circumstances, additional tax and other
reporting requirements may apply. U.S. Holders of our ordinary shares are advised to consult with their own tax advisors concerning all
such reporting requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.F.
<span style="text-decoration: underline">Dividends and Paying Agents</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.G.
<span style="text-decoration: underline">Statement by Experts</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.H.
<span style="text-decoration: underline">Documents on Display</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed this annual report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC&#8217;s Internet site at http://www.sec.gov. The SEC&#8217;s telephone number is 1-800-SEC-0330. In accordance
with NASDAQ Stock Market Rule 5250(d), we will also post this annual report on Form 20-F on our website at https://www.banle-intl.com.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.I.
<span style="text-decoration: underline">Subsidiary Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Item 4.A &#8220;Information on the Company &#8211; History and Development of the Company&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.J.
<span style="text-decoration: underline">Annual Report to Security Holders</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_001"></span>ITEM
    11.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Exchange Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
functional currency is the U.S. dollars, and our financial statements are also presented in U.S. dollars. Our Group&#8217;s business
activities and our assets and liabilities were denominated in our functional currency. We consider our Group is not exposed to significant
foreign currency risk as majority of our operations and transactions are denominated in our functional currency. We currently do not
have a foreign currency hedging policy. However, we monitor foreign exchange exposure and will consider hedging significant foreign currency
exposure should the need arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not exposed to interest rate risk. The only interest-bearing instrument that we have is the account receivable discounting facility
(on without recourse basis) from commercial bank which are short termed with tenor of less than 45 days, and the interest costs are calculated
on floating rate basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Price Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently exposed to commodity price risk or market price risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation
does not materially affect our business or the results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Seasonality</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonality
does not materially affect our business or the results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_002"></span>ITEM
    12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.A.
<span style="text-decoration: underline">Debt Securities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.B.
<span style="text-decoration: underline">Warrants and Rights</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.C.
<span style="text-decoration: underline">Other Securities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.D.
<span style="text-decoration: underline">American Depositary Shares</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_003"></span>PART
II.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_004"></span>ITEM
  13.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_005"></span>ITEM
  14.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.E.
<span style="text-decoration: underline">Use of Proceeds</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 22, 2023, the registration statement (File No. 333-267077) (the &#8220;Registration Statement&#8221;) relating to the Company&#8217;s
IPO was declared effective by the Securities and Exchange Commission. In connection therewith, the Company entered into an underwriting
agreement with Pacific Century Securities, LLC (as representatives of the underwriters named therein), dated March 22, 2023. On March
27, 2023, the Company consummated the IPO of 3,325,000 ordinary shares, par value $0.0001 per share at a price of $4.0 per share (the
&#8220;Offering Price&#8221;), pursuant to the Underwriting Agreement. The underwriters were granted a 45-day option to purchase up to
additional 498,750 Ordinary Shares to cover over-allotments, if any. The underwriters exercised their over-allotment option in part and,
on March 23, 2023, the underwriters purchased an additional 425,000 Ordinary Shares at the Offering Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IPO (including the sale of the Ordinary Shares to cover over-allotment) generated gross proceeds to the Company of $15,000,000. We incurred
a total of $3,960,000 listing expenses and the net offering proceeds to us after deducting the total expenses was $11,040,000. As of
December 31, 2023, we had utilized the IPO proceeds for expanding our service network to Singapore, South Korea and Europe, exploring
and conducting biofuel operation, developing a centralized management information system and general working capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_006"></span>ITEM
  15.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONTROLS AND PROCEDURES</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
Disclosure controls and procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted
an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under
the Exchange Act. Controls and other procedures that are designed to provide reasonable assurance that the information that we are required
to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC&#8217;s rules and forms, and that such information is accumulated and communicated to our management, including
our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were
effective as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)
Management&#8217;s annual report on internal control over financial reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of the Company is responsible for establishing, maintaining, and assessing the effectiveness of internal control over financial
reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, under the supervision of our chief executive officer
and chief financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with US GAAP. Internal control over financial reporting
includes policies and procedures that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
    assets of the Company;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    US GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and
    directors of the Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s
    assets that could have a material effect on the financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with existing policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision of our chief executive officer and chief financial officer, our management conducted an assessment of our internal control
over financial reporting as of December 31, 2022, based on the framework and criteria established in <i>Internal Control &#8212; Integrated
Framework (2013),</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis. In connection with management&#8217;s assessment of our internal control over financial reporting described above,
management has not identified any material weakness in our internal control over financial reporting as of December 31, 2022. We concluded
that our internal control over financial reporting was effective as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
believes that our consolidated financial statements included in this annual report on Form 20-F have been prepared in accordance with
generally accepted accounting principles. Our chief executive officer and chief financial officer have certified that, based on such
officer&#8217;s knowledge, the financial statements and other financial information included in this annual report on Form 20-F fairly
present in all material respects the financial position, results of operations and cash flows of the Company as of, and for, the periods
presented in this report. In addition, we are determining a remediation plan for the material weaknesses, which plan is described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)
Attestation report of the registered public accounting firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include an attestation report of the Company&#8217;s registered public accounting firm on internal control over
financial reporting because the Company is a non-accelerated filer exempted from Section 404(b) of the Sarbanes-Oxley Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)
Changes in Internal Controls over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during
the year ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal controls
over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_007"></span>ITEM
  16A.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUDIT COMMITTEE FINANCIAL EXPERT</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Mr. Koon Liang Ong, an independent director (under the standards set forth in set forth in Nasdaq
Stock Market Rule 5605(a)(2) and Rule 10A-3 under the Exchange Act) and the chairman of our audit committee, is our audit committee financial
expert.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_008"></span>ITEM
  16B.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CODE OF ETHICS</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers
responsible for financial reporting. The most recent version is available on the Investor Relations section of our website at https://www.banle-intl.com.
The information contained on our website is not incorporated by reference into this annual report. If we make any substantive amendments
to the code or grant any waiver from a provision of the code to any executive officer or director, we will promptly disclose the nature
of the amendment or waiver on our website, as well as via any other means required by applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_009"></span>ITEM
  16C.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by MRI Moores Rowland (&#8220;MRI&#8221;) and for the year ended December 2023. For the year ended December 31, 2022, professional services
were rendered by Wei Wei &amp; Co, LLP (&#8220;WW&#8221;). We did not pay any other fees to WW during the periods indicated below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Audit Fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">290,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">410,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Audit-Related Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">38,459</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Tax Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">All Other Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">TOTAL</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">290,000</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">448,459</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
Fees&#8221; consisted of the aggregate fees billed for professional services paid for the audit of our annual financial statements and
the reviews of the financial statements included in our Forms 10-Q as previously filed and for any other services that were normally
provided in connection with our statutory and regulatory filings or engagements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
Related Fees&#8221; consisted of the aggregate fees billed for professional services rendered for assurance and related services that
were reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit
Fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tax
Fees&#8221; consisted of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning.
Included in such Tax Fees were fees for preparation of our tax returns and consultancy and advice on other tax planning matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;All
Other Fees&#8221; consisted of the aggregate fees billed for products and services provided and not otherwise included in Audit Fees,
Audit Related Fees or Tax Fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_010"></span>ITEM
  16D.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_011"></span>ITEM
  16E</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no purchases of equity securities made by or on behalf of us or any &#8220;affiliated purchaser&#8221; as defined in Rule 10b-18
of the Exchange Act during the period covered by this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_012"></span>ITEM
  16F.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_013"></span>ITEM
  16G.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CORPORATE GOVERNANCE</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a Cayman Islands company listed on the Nasdaq Capital Market, we are subject to Nasdaq Stock Market corporate governance listing standards.
However, the Nasdaq Stock Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home
country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from Nasdaq
Stock Market corporate governance listing standards. Shareholders of Cayman Islands exempted companies like us have no general rights
under Cayman Islands law to inspect corporate records or to obtain copies of register of members of these companies (other than the memorandum
and articles of association, special resolutions, and the register of mortgages and charges). Our directors have discretion under our
articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders,
but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_014"></span>ITEM
  16H.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MINE SAFETY DISCLOSURE</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_015"></span>ITEM
  16I.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_016"></span>ITEM
    16J.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INSIDER
    TRADING POLICIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board adopted the Insider Trading Policy on March 21, 2023, and a copy of the Insider Trading Policy is filed as an exhibit to this annual
report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_017"></span>ITEM
    16K.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CYBERSECURITY</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Management and strategy </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have implemented and maintained information security processes designed to identify, assess and manage material risks from cybersecurity
threats to our information systems and critical data, including intellectual property and confidential information that is proprietary,
strategic or competitive in nature. We have also maintained critical internal computer networks, as well as third-party hosted services,
communications systems, hardware and software.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management in conjunction with our third-party service providers helps to identify, assess and manage our cybersecurity threats and risks
by monitoring and evaluating our threat environment and risk profile. We use a number of methods to monitor cyber risks, including manual
and automated tools, internal and external threat assessments, and internal and external vulnerability assessments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on the environment and system we operate, we have implemented and maintained several technical, physical, and organizational measures,
processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our systems and data.
These include IT policies and procedures, an information security policy, backup systems, establishment of network security controls,
and regular employee awareness communications,.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also integrate our assessment and management of material risks from cybersecurity threats into our overall risk management processes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
these measures, we may not be successful in preventing, mitigating or recovering from a cybersecurity incident, which could have a material
adverse effect on our operations or financial results or reputation. For a description of the primary risks from cybersecurity threats
that may materially affect our business and how they may do so, see Part I, Item 1A. Risk Factors in this report, including &#8220;&#8212;
Our networks and those of our third-party service providers may be vulnerable to cybersecurity risks.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governance</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
independent Directors address cybersecurity risk management as part of its general oversight function. The independent Directors oversee
our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cybersecurity risk assessment and management processes are implemented and maintained by members of our management team who is responsible
for hiring appropriate personnel, integrating cybersecurity risk considerations into our overall risk management strategy and communicating
key priorities to relevant personnel and approving budgets, developing cybersecurity incident response plans, approving cybersecurity
processes and reviewing security assessments and other security-related reports.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding cyber incidents is reported at the monthly meeting of the management or sooner if warranted. The management will work with
the IT team to help mitigate and remediate cybersecurity incidents of which they are notified. The management is responsible for reporting
cybersecurity incidents to the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_018"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_019"></span>ITEM
  17.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL STATEMENTS</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_020"></span>ITEM
  18.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL STATEMENTS</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dda_021"></span>ITEM
  19.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBITS</b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
                                            No.</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
                                            of Exhibit</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315223009194/ex3-1.htm" style="-sec-extract: exhibit">Second Amended and Restated Memorandum of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Current Report on Form 6-K filed with the Securities and Exchange Commission on March 28, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315223009194/ex3-2.htm" style="-sec-extract: exhibit">Amended and Restated Articles of Association of the Company (incorporated by reference to Exhibit 3.2 to the Company&#8217;s Current Report on Form 6-K filed with the Securities and Exchange Commission on March 28, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315222024103/ex4-1.htm" style="-sec-extract: exhibit">Specimen Ordinary Share (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex2-2.htm">Description of Securities</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315223009194/ex1-1.htm" style="-sec-extract: exhibit">Underwriting Agreement dated March 22, 2023 (incorporated by reference to Exhibit 1.1 to the Company&#8217;s Current Report on Form 6-K filed with the Securities and Exchange Commission on March 28, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315222024103/ex10-1.htm" style="-sec-extract: exhibit">Form of Agreement with the Registrant&#8217;s directors (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315222024103/ex10-2.htm" style="-sec-extract: exhibit">Form of Employment Agreement between the Registrant and its executive officers (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315222024103/ex10-3.htm" style="-sec-extract: exhibit">Form of Agreement with the Registrant&#8217;s independent directors (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Exhibit</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span>*</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex8-1.htm">List of subsidiaries of the Registrant</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1914805/000149315222024103/ex99-1.htm" style="-sec-extract: exhibit">Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex11-2.htm">Clawback Policy</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-2.htm">CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex97.htm">Insider Trading Policy</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99.htm">Regulations which may affect our business activities</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    with this annual report on Form 20-F</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
    International Limited</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Teck Lim CHIA</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teck
    Lim CHIA</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
April 18, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CBL
INTERNATIONAL LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AS
OF AND FOR THE YEARS ENDED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DECEMBER
31, 2023 AND 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page(s)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_006">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID: 6955)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_002">Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_003">Consolidated Statements of Changes in Shareholders&#8217; Equity for the years ended December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_004">Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_005">Notes to the Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_006"></span>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
CBL INTERNATIONAL LIMITED AND SUBSIDIARIES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion on the consolidated Financial Statements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We have audited the accompanying consolidated
balance sheets of CBL International Limited and Subsidiaries (the &#8220;Company&#8221;) as of December 31, 2023 and 2022, the
related consolidated statements of operations and comprehensive income, changes in shareholders&#8217; equity, and cash flows for
each of the years in the two-year period ended December 31, 2023, and the related notes (collectively referred to as the
&#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial positions of the Company as of December 31, 2023 and 2022, and the consolidated results of its
operations and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis for Opinion</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provide
a reasonable basis for our opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">/s/ <span id="xdx_905_edei--AuditorName_c20230101__20231231_zDCxd8AOpiQi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000060" name="dei:AuditorName">MRI Moores Rowland LLP</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We have served as the Company&#8217;s auditor
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">PCAOB ID No.: <span id="xdx_905_edei--AuditorFirmId_c20230101__20231231_zkJ52ljM27pi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000061" name="dei:AuditorFirmId">6955</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">April 18, 2024</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_001"></span>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars, except for the number of shares)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--Assets_i01TI_mtCzNUb_z0cRJZy5oDDe" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--LiabilitiesAbstract_i01B_zJ6klE1swGM8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LiabilitiesCurrentAbstract_i02B_zVsrRmSl8JDf" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsPayableCurrent_i03I_maCz0yP_z919xnomPTg2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--TaxesPayableCurrent_i03I_maCz0yP_zoOL4Acc52Qd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i03I_maCz0yP_zvi7GXrK97Ji" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000115" format="ixt:numdotdecimal" decimals="0" unitRef="USD">343,813</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--DerivativeLiabilitiesCurrent_i03I_maCz0yP_zPNKrSgMYIf8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Derivative liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0118">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityCurrent_i03I_maCz0yP_zPwzrTgZAem2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Short-term lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000121" format="ixt:numdotdecimal" decimals="0" unitRef="USD">177,761</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--LiabilitiesCurrent_i03TI_mtCz0yP_maCz5k6_zmFOKjH2D3n7" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000124" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,974,389</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maCz5k6_zTRHy4EcLRei" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000127" format="ixt:numdotdecimal" decimals="0" unitRef="USD">194,373</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000128" format="ixt:numdotdecimal" decimals="0" unitRef="USD">229,076</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--Liabilities_i02TI_mtCz5k6_maLASEzQcl_zNhegAb7qNR3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--CommitmentsAndContingencies_i01I_maLASEzQcl_zxRCsWFECzOb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0134">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--CommonStockValue_i02I_pp0p0_maSEzpJa_zI2dndApyySb" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_002"></span>CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtCzLqX_maCzqEd_zYIYPa4Txmi9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_msCzqEd_znhGX67dl2Wh" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Provision for income taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000219" format="ixt:numdotdecimal" decimals="0" unitRef="USD">298,605</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--NetIncomeLoss_iT_mtCzqEd_maCzhiS_zSZjo14c9tLj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net income</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--ComprehensiveIncomeNetOfTax_iT_mtCzhiS_zb6cGn7N6bh6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Comprehensive income</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000225" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,132,650</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000226" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,685,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--NetIncomeLossAbstract_iB_zmr0ZQ446L89" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Attributable to:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--ProfitLoss_i01_maNILzL14_zEF1IEPh1a96" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Equity holders of the Company</td><td>&#160;</td>
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000234" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,576</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0235">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--NetIncomeLoss_i01T_mtNILzL14_zUQM73jRq9n4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income (loss) attributable
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000237" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,132,650</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000238" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,685,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_003"></span>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_004"></span>CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_401_eus-gaap--Depreciation_i02_maNCPBUz5k7_zGseifcGhVPj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--AssetImpairmentCharges_i02_pp0p0_maNCPBUz5k7_zCm0lhxeso1g" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--GainLossOnTerminationOfLease_i02N_pp0p0_di_msNCPBUz5k7_zqvvpEM8l9Lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:GainLossOnTerminationOfLease" contextRef="From2022-01-012022-12-31" id="Fact000343" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,750</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--DerivativeGainLossOnDerivativeNet_i02N_pp0p0_di_msNCPBUz5k7_z2rLkT30Ca59" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zzUxlbAQkPk2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Changes in operating assets and liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUz5k7_zZtZI2qRnXH8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000351" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,679,675</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-012022-12-31" id="Fact000352" format="ixt:numdotdecimal" decimals="0" unitRef="USD">402,941</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInPrepaidExpensesOther_i03N_di_msNCPBUz5k7_zJsSzohdTVD2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Prepayments and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpensesOther" contextRef="From2023-01-01to2023-12-31" id="Fact000354" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,042,364</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i03N_di_msNCPBUz5k7_zRLieFIoKBnh" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Due from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0357">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent" contextRef="From2022-01-012022-12-31" id="Fact000358" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,509,988</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maNCPBUz5k7_zP2y3Cm9fv1d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000360" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,779,300</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-012022-12-31" id="Fact000361" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,644,677</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInOtherAccruedLiabilities_i03_maNCPBUz5k7_zlGxQwwBnMq3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Accrued expenses and other liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000363" format="ixt:numdotdecimal" decimals="0" unitRef="USD">218,115</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000364" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,242</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInDerivativeLiabilities_i03_pp0p0_maNCPBUz5k7_zUu0KmxzWrxj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt">Derivatives</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0366">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDerivativeLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000367" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">291,860</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maNCPBUz5k7_z3Di2NjqSlH9" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact000369" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">120,781</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2022-01-012022-12-31" id="Fact000370" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">83,859</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInAccruedIncomeTaxesPayable_i03_maNCPBUz5k7_znHJ0uAe1MV1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Taxes payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000372" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">496,305</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2022-01-012022-12-31" id="Fact000373" format="ixt:numdotdecimal" decimals="0" unitRef="USD">145,679</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i02T_mtNCPBUz5k7_maCCERCzPVB_z6wUJnexoPq6" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash (used in)/provided by operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000375" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,032,854</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000376" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,499,133</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zmWNY3L2G4d9" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzYPX_zYdqy1ByLOl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Purchase of property, plant and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000381" format="ixt:numdotdecimal" decimals="0" unitRef="USD">773,863</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact000382" format="ixt:numdotdecimal" decimals="0" unitRef="USD">373,111</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtCzYPX_maCCERCzPVB_zO1e1t2shPD4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000384" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">773,863</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000385" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">373,111</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zpg3NMlqmCn9" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_i01_maNCPBUzw2E_ze00zqImdfuh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Proceed from issuance of shares net of share offering costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2023-01-01to2023-12-31" id="Fact000390" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,176,717</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0391">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ProceedsFromRepaymentsOfDebt_i01_maNCPBUzw2E_zFciaO0wxj8c" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Deferred offering costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0393">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfDebt" contextRef="From2022-01-012022-12-31" id="Fact000394" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,128,453</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtNCPBUzw2E_maCCERCzPVB_zSSYGxBz1sl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash provided by /(used in) financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000396" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,176,717</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000397" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,128,453</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--OperatingLeaseRightofuseAssetAndLeaseLiabilities_i01_zUJHvIqs1NW3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use asset and lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_005"></span>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars, unless stated otherwise)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000426" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_800_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zgtTGk1I2PEa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
<span id="xdx_82B_z5N8qJmgjfFk">Organization and Principal Business</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
International Limited (&#8220;CBL International&#8221;) was incorporated on February 8, 2022 in the Cayman Islands. CBL International
is a holding company without any operations, and owns <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20220208__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BanleInternationalGroupLimitedMember_zSmRsOhgfBA8" title="Equity method investment ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-02-08_custom_BanleInternationalGroupLimitedMember" id="Fact000428" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of Banle International Group Limited (&#8220;Banle BVI&#8221;) which was incorporated
in the British Virgin Islands (collectively, the &#8220;Company&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering facilitator
in the bunkering industry. &#160;&#160;As a bunkering facilitator, the Company facilitates vessel refueling between ship operators and
local physical distributors/traders by purchasing marine fuel, including both fossil fuel and alternative fuel, from our suppliers and
arranging for the marine fuel to be delivered by the suppliers to our customers. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Reorganization and Listing of shares in Nasdaq</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reorganization of the Company&#8217;s legal entity structure was completed in August 2022. The reorganization involved the incorporation
of CBL International in February 2022, and the acquisition of Banle BVI by CBL International in August 2022. This transaction was treated
as a recapitalization of the Company under common control and the financial statements give a retroactive effect to this transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banle
BVI was set up in July 2020 with <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200701__20200731__srt--OwnershipAxis__custom--BanleBVIMember__srt--TitleOfIndividualAxis__custom--MrChiaMember_ztKTkp6WZ40l" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-07-012020-07-31_custom_BanleBVIMember_custom_MrChiaMember" id="Fact000430" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> shares at $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20200731__srt--OwnershipAxis__custom--BanleBVIMember__srt--TitleOfIndividualAxis__custom--MrChiaMember_zSLuakpSHBD5" title="Share issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-07-31_custom_BanleBVIMember_custom_MrChiaMember" id="Fact000432" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share issued to Mr. Chia. In February 2021, Banle BVI issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210201__20210228__srt--OwnershipAxis__custom--BanleBVIMember_zfFPOYqFqQP5" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-012021-02-28_custom_BanleBVIMember" id="Fact000434" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">490,323</ix:nonFraction></span> shares
in total, of comprised <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210201__20210228__dei--LegalEntityAxis__custom--CBLAsiaLimitedMember_zb13c0Ue2pe9" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-012021-02-28_custom_CBLAsiaLimitedMember" id="Fact000436" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">304,000</ix:nonFraction></span> shares to CBL (Asia) Limited (&#8220;CBL (Asia)&#8221;) and <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210201__20210228__dei--LegalEntityAxis__custom--StraitsEnergyResourcesBerhadMember_zCIyzj8canY" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-012021-02-28_custom_StraitsEnergyResourcesBerhadMember" id="Fact000438" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">186,323</ix:nonFraction></span> shares to Straits Energy Resources
Berhad (&#8220;Straits&#8221;). The <span id="xdx_90C_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20200701__20200731__srt--TitleOfIndividualAxis__custom--MrChiaMember_z40O2BsjSJK5" title="Number of shares surrendered and cancelled"><ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2020-07-012020-07-31_custom_MrChiaMember" id="Fact000440" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> shares originally issued to Mr. Chia were surrendered and cancelled at the same time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
International was incorporated in the Cayman Islands with limited liability in February 2022, by issuing and allotting <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220201__20220228__srt--TitleOfIndividualAxis__custom--MrChiaMember_zEGTiwVd89Wg" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-02-012022-02-28_custom_MrChiaMember" id="Fact000442" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> shares
at par value of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20220228__srt--TitleOfIndividualAxis__custom--MrChiaMember_zFrts39Yt37a" title="Share issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-02-28_custom_MrChiaMember" id="Fact000444" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per share to Mr. Chia. In March 2022, each issued and unissued share was subdivided into <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220301__20220331__us-gaap--AwardTypeAxis__custom--SubdividedMember_zVp7uS19PAS7" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-03-012022-03-31_custom_SubdividedMember" id="Fact000446" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100</ix:nonFraction></span> shares. Each share
par value was reduced to $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331__us-gaap--AwardTypeAxis__custom--SubdividedMember_zZ41U3pTL2D6" title="Par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_custom_SubdividedMember" id="Fact000448" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span>, and the authorized share capital was amended to <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zkRsBQwPD9Cb" title="Authorized share capital"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-03-31_us-gaap_CommonStockMember" id="Fact000450" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction></span> shares with $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zD6c34YukDRe" title="Par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_us-gaap_CommonStockMember" id="Fact000452" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value per share.
The number of shares held by Mr. Chia increased from <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220201__20220228__srt--TitleOfIndividualAxis__custom--MrChiaMember_zWiNe2eWMUE8" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-02-012022-02-28_custom_MrChiaMember" id="Fact000454" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> to <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220301__20220331__srt--TitleOfIndividualAxis__custom--MrChiaMember_zMyzrEmUJk6c" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-03-012022-03-31_custom_MrChiaMember" id="Fact000456" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> with a par value of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20220331__srt--TitleOfIndividualAxis__custom--MrChiaMember_zM689P035107" title="Share issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-03-31_custom_MrChiaMember" id="Fact000458" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> each.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, CBL (Asia) and Straits, as vendors, and CBL International, as purchaser, entered into a sale and purchase agreement, pursuant
to which CBL International acquired the entire issued share capital of Banle BVI from its existing shareholders, CBL (Asia) and Straits,
in consideration of which CBL International issued and allotted <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220801__20220831__dei--LegalEntityAxis__custom--CBLAsiaLimitedMember_z1RPAbehuGJb" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-08-012022-08-31_custom_CBLAsiaLimitedMember" id="Fact000460" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">13,175,000</ix:nonFraction></span> shares and <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220801__20220831__dei--LegalEntityAxis__custom--StraitsEnergyResourcesBerhadMember_zZXDYM9wmKll" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-08-012022-08-31_custom_StraitsEnergyResourcesBerhadMember" id="Fact000462" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,075,000</ix:nonFraction></span> shares, credited as fully paid, to CBL
(Asia) and Straits, respectively. Upon completion of issuance and allotment of the shares to CBL (Asia) and Straits, the <span id="xdx_901_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20220801__20220831__srt--TitleOfIndividualAxis__custom--MrChiaMember_z7ihPlzlX9ch" title="Number of shares surrendered and cancelled"><ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2022-08-012022-08-31_custom_MrChiaMember" id="Fact000464" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares
of CBL International issued to Mr. Chia were surrendered and cancelled; and CBL International became the <span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20220831__srt--OwnershipAxis__custom--BanleBVIMember_z9lZc6EAPF33" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2022-08-31_custom_BanleBVIMember" id="Fact000466" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% shareholder of Banle BVI
and itself being owned <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20220831__dei--LegalEntityAxis__custom--CBLAsiaLimitedMember__srt--OwnershipAxis__custom--BanleBVIMember_z7EG34FgiPN7" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2022-08-31_custom_CBLAsiaLimitedMember_custom_BanleBVIMember" id="Fact000468" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% by CBL (Asia) and <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20220831__dei--LegalEntityAxis__custom--StraitsEnergyResourcesBerhadMember__srt--OwnershipAxis__custom--BanleBVIMember_z7SG4XthaGP4" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2022-08-31_custom_StraitsEnergyResourcesBerhadMember_custom_BanleBVIMember" id="Fact000470" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">38</ix:nonFraction></span>% by Straits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 23, 2023, the Company consummated the initial public offering of <span id="xdx_901_eus-gaap--CommonStockSharesIssued_iI_pid_c20230323__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_znKami9RWc0d" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-03-23_us-gaap_IPOMember" id="Fact000472" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,325,000</ix:nonFraction></span> ordinary shares, par value of $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20230323__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zaT5KexYSvTk" title="Ordinary shares par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-03-23_us-gaap_IPOMember" id="Fact000474" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share at a
price of $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_c20230323__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z0mQazc5g4Hl" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2023-03-23_us-gaap_IPOMember" id="Fact000476" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share (the &#8220;Offering&#8221;), The Company&#8217;s underwriters exercised their over-allotment option in part
for an additional <span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_pid_c20230327__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z2n7MNzK5lga" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-03-27_us-gaap_IPOMember" id="Fact000478" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">425,000</ix:nonFraction></span> ordinary shares on March 27, 2023 (&#8220;Over-allotment Option&#8221;). The Over-allotment Option was closed
with the Offering. Upon completion of the Offering <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230101__20231231_zpoXdnao9SXh" title="Shares new issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-01to2023-12-31" id="Fact000480" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,750,000</ix:nonFraction></span> new shares were issued , and the ordinary share capital of the Company became
$<span id="xdx_902_eus-gaap--CommonStockValue_iI_c20231231_zrRkf1bdSL0f" title="Common stock value"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31" id="Fact000482" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,500</ix:nonFraction></span>, representing <span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_c20231231_zes9kE1c8fyk" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000484" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction></span> shares of $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20231231_zUMPXcC5IPu2" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact000486" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total number of ordinary shares issued and outstanding as of December 31, 2023 was <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_c20231231_zQFhWdVGe3og" title="Ordinary shares, shares issued"><span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_c20231231_zg9MIDrBsXqe" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact000488" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000490" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction></ix:nonFraction></span></span> shares. The Company&#8217;s ordinary shares
began trading on the Nasdaq Capital Market on March 23, 2023 under the ticker symbol &#8220;BANL&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
completion of issuance of the shares under the Offering, CBL International is effectively owned <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CBLInternationalMember_zHXPUEfA0RJ7" title="Effective ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_CBLInternationalMember" id="Fact000492" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.7</ix:nonFraction></span>% by CBL (Asia), <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMember_zN6XanqUdBN" title="Effective ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_StraitsMember" id="Fact000494" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">32.3</ix:nonFraction></span>% by Straits
and <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PublicShareholdersMember_zGwblZNz1Yud" title="Effective ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_PublicShareholdersMember" id="Fact000496" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15.0</ix:nonFraction></span>% by public shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Incorporation
of new subsidiaries </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Banle
Energy (Europe) Limited</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banle
Energy (Europe) Limited (&#8220;Banle Europe&#8221;) was incorporated in Ireland in October 2023 as a limited liability company and focuses
on management and administration of the Group&#8217;s businesses in Europe.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Banle
Energy (Ireland) Limited</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banle
Energy (Ireland) Limited (&#8220;Banle Ireland&#8221;) was incorporated in Ireland in October 2023 as a limited liability company and
focuses on sales and distribution of marine fuel. Banle Ireland is <span id="xdx_901_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--BanleEnergyIrelandLimitedMember_zhAGkz6DNJH7" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_BanleEnergyIrelandLimitedMember" id="Fact000498" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">55</ix:nonFraction></span>% owned by the Group</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 15; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000500" name="us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock_zYuH4MCe4w0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
companies of the Group are listed as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zsCvGZTvvP82" style="display: none">Schedule
of Subsidiaries</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entity
    Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place
    of Incorporation</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
    <br/>
of ownership</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    activities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--ParentEntityLegalName_c20230101__20231231_zvEkNe84TMj6" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000502" name="dei:ParentEntityLegalName">CBL
    International Limited</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231_znD2qji4Jjx5" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000504" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Cayman
    Islands</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231_zY7kqFiZeQli" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000506" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Ultimate
    holding Company</ix:nonNumeric></span> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalGroupLimitedMember_zHSGgQnlKQ7b" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalGroupLimitedMember" id="Fact000508" name="dei:ParentEntityLegalName">Banle
    International Group Limited</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalGroupLimitedMember_zdnGINtwppM6" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalGroupLimitedMember" id="Fact000510" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">British
    Virgin Islands</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    by CBL International</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalGroupLimitedMember_zfPGPSOSWPha" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalGroupLimitedMember" id="Fact000514" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Investment
    holding</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalMarketingLimitedMember_zysMle81Uu5d" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalMarketingLimitedMember" id="Fact000516" name="dei:ParentEntityLegalName">Banle
    International Marketing Limited</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalMarketingLimitedMember_zS59YS720JCk" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalMarketingLimitedMember" id="Fact000518" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Labuan,
    Malaysia</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--BanleInternationalMarketingLimitedMember_zXB3eBCmP5N6" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_BanleInternationalMarketingLimitedMember" id="Fact000520" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    by Banle BVI</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalMarketingLimitedMember_zxiFG5yz0fEc" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalMarketingLimitedMember" id="Fact000522" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Marketing
    service</ix:nonNumeric></span> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalMalaysiaSdnBhdMember_z0D5JgWUJlR3" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalMalaysiaSdnBhdMember" id="Fact000524" name="dei:ParentEntityLegalName">Banle
    International (Malaysia) Sdn. Bhd.</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalMalaysiaSdnBhdMember_zz0M2v0pJrQa" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalMalaysiaSdnBhdMember" id="Fact000526" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Kuala
    Lumpur, Malaysia</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--BanleInternationalMalaysiaSdnBhdMember_zO5Bl8IV21eh" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_BanleInternationalMalaysiaSdnBhdMember" id="Fact000528" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    by Banle BVI</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalMalaysiaSdnBhdMember_zHsAuSZUoXml" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalMalaysiaSdnBhdMember" id="Fact000530" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Sales
    and distribution of marine fuel</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--BanleEnergyInternationalLimitedMember_zv08CdkslJ13" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleEnergyInternationalLimitedMember" id="Fact000532" name="dei:ParentEntityLegalName">Banle
    Energy International Limited (&#8220;Banle HK&#8221;)</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--BanleEnergyInternationalLimitedMember_zSq5dADAliO2" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleEnergyInternationalLimitedMember" id="Fact000534" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Hong
    Kong</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--BanleEnergyInternationalLimitedMember_zfR2IErP0fI7" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_BanleEnergyInternationalLimitedMember" id="Fact000536" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    by Banle BVI</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--BanleEnergyInternationalLimitedMember_zYtwEYV2ubO6" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleEnergyInternationalLimitedMember" id="Fact000538" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Sales
    and distribution of marine fuel</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--RelianceChinaLimitedMember_zGOgaALZORYj" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RelianceChinaLimitedMember" id="Fact000540" name="dei:ParentEntityLegalName">Reliance
    (China) Limited</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--RelianceChinaLimitedMember_z2qO1w5CiW0e" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RelianceChinaLimitedMember" id="Fact000542" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Hong
    Kong</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--RelianceChinaLimitedMember_zXYUt4kWjFaj" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_RelianceChinaLimitedMember" id="Fact000544" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    by Banle HK</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--RelianceChinaLimitedMember_zB8epAtlkyd5" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RelianceChinaLimitedMember" id="Fact000546" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Business
    management</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalChinaLimitedMember_zFD8axTwpI8" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalChinaLimitedMember" id="Fact000548" name="dei:ParentEntityLegalName">Banle
    International (China) Limited (&#8220;Banle China&#8221;)</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalChinaLimitedMember_z2T9N4l0vLh3" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalChinaLimitedMember" id="Fact000550" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Hong
    Kong</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--BanleInternationalChinaLimitedMember_z0nnHaez1eaa" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_BanleInternationalChinaLimitedMember" id="Fact000552" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    by Banle BVI </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--BanleInternationalChinaLimitedMember_z0JkcdRVLhBl" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleInternationalChinaLimitedMember" id="Fact000554" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Investment
    holding</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--MajesticEnergyShenzhenMember_z2uMAEwBoeTa" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MajesticEnergyShenzhenMember" id="Fact000556" name="dei:ParentEntityLegalName">Majestic
    Energy (Shenzhen) Co. Limited</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--MajesticEnergyShenzhenMember_zPqjLSKp422d" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MajesticEnergyShenzhenMember" id="Fact000558" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">PRC</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--MajesticEnergyShenzhenMember_z8PQb4xqXWs7" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_MajesticEnergyShenzhenMember" id="Fact000560" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    by Banle China</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--MajesticEnergyShenzhenMember_zchGuAZz4wOg" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MajesticEnergyShenzhenMember" id="Fact000562" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Investment
    holding (Dormant)</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--MajesticEnergySingaporeMember_ztyLggKrVfCa" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MajesticEnergySingaporeMember" id="Fact000564" name="dei:ParentEntityLegalName">Majestic
    Energy (Singapore) Pte Limited (&#8220;Majestic Singapore&#8221;)</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--MajesticEnergySingaporeMember_zjcSRsK51n4e" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MajesticEnergySingaporeMember" id="Fact000566" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Singapore</ix:nonNumeric></span>
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--MajesticEnergySingaporeMember_zXUH0LhnVB3a" title="Ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_MajesticEnergySingaporeMember" id="Fact000568" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    by Banle BVI</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose_c20230101__20231231__srt--OwnershipAxis__custom--MajesticEnergySingaporeMember_zqIyrRnCsURd" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MajesticEnergySingaporeMember" id="Fact000570" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose">Sales
    and distribution of marine fuel</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--ParentEntityLegalName_c20230101__20231231__srt--OwnershipAxis__custom--BanleEnergyEuropeLimitedMember_zZpQiQxYnb2e" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleEnergyEuropeLimitedMember" id="Fact000572" name="dei:ParentEntityLegalName">Banle
    Energy (Europe) Limited (&#8220;Banle Europe&#8221;)</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Energy (Ireland) Limited (&#8220;Banle Ireland&#8221;)</ix:nonNumeric></span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState_c20230101__20231231__srt--OwnershipAxis__custom--BanleEnergyIrelandLimitedMember_zRnGBt37OyFb" title="Place of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BanleEnergyIrelandLimitedMember" id="Fact000582" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState">Ireland</ix:nonNumeric></span>
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</ix:nonNumeric><p id="xdx_8A1_zUnl22RNR3Gg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000588" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_806_eus-gaap--SignificantAccountingPoliciesTextBlock_zFEttgHsaH61" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
<span id="xdx_823_zCYg7jXYzsL5">Summary of Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000590" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zQZRUBT3JTdl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A.
<span id="xdx_86E_zdAjnclZndj6">Basis of Presentation and Consolidation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements and related notes include all the accounts of the Company and its wholly owned subsidiaries. The consolidated
financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S.
GAAP&#8221;). All intercompany transactions have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000592" name="us-gaap:UseOfEstimates"><p id="xdx_847_eus-gaap--UseOfEstimates_zmXJJbI9995h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>B.
<span id="xdx_867_zGQfc0Bt66o3">Use of Estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions
that affect the amounts reported and disclosed in the consolidated financial statements and related notes. The most significant estimates
and judgments include the allowance for doubtful accounts, useful life of property, plant and equipment, income taxes and uncertain tax
positions. Actual amounts could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000594" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_849_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z9paJYRigbw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>C.
<span id="xdx_860_zVNhZi25tcJe">Functional Currency and Foreign Currency Translation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currency of the Company and its subsidiaries is the U.S. dollar (&#8220;US$&#8221;). Foreign currency transaction gains and
losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign
currency transaction gains and losses are recognized for changes between the transaction exchange rates and month-end exchange rates.
Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying consolidated statements
of income and comprehensive income in the period incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 16; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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<span id="xdx_863_zc1Sm5hWRcx9">Certain Risks and Concentration</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily
of cash and cash equivalents. A depositor has up to RMB <span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_uCNY_c20231231__srt--TitleOfIndividualAxis__custom--DepositorMember_zpk1j434gGVg" title="Insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2023-12-31_custom_DepositorMember" id="Fact000598" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">500,000</ix:nonFraction></span> (approximately $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_iI_c20231231__srt--TitleOfIndividualAxis__custom--DepositorMember_znBoqGLf5scf" title="Insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2023-12-31_custom_DepositorMember" id="Fact000600" format="ixt:numdotdecimal" decimals="0" unitRef="USD">72,000</ix:nonFraction></span>) insured by the People&#8217;s Bank of China Financial
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Board. While management believes that these financial institutions and platform fund holders are of high credit quality, it continually
monitors their credit worthiness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
Customers and Suppliers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000610" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_892_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zZJJ6S1SO9g7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span id="xdx_8BC_zeTLX0hXcfJ6" style="display: none">Schedules
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Revenue:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accounts receivable:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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top three suppliers that individually represented greater than 10% of total cost of revenue of the Company for the years ended December
31, 2023 and 2022 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierIMember_zgJFlriusqOh" style="vertical-align: bottom; background-color: White">
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</table>

</ix:nonNumeric><p id="xdx_8A1_zGVx5h1Gi241" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000662" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_848_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zj8UPKdaBZ3l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>F.
<span id="xdx_86C_zuW5zjE4L6Gl">Accounts Receivable and Allowance for Credit Losses</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable represent trade receivables from customers. The health of our accounts receivable is continuously monitored using a risk-based
model, taking into consideration both the timeliness and predictability of collections from our customers. We maintain a provision for
estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that
we have identified from current financial information and business prospects, as well as any political or economic conditions or other
market factors, including certain assumptions based on reasonable forward-looking information from market sources. Principally based
on these credit risk factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
receivables written off when there is information indicating that the counterparty is in severe financial difficulty and the amounts
are deemed uncollectible. An accounts receivable written off may still be subject to enforcement activities under our recovery procedures,
taking into account legal advice where appropriate. Any subsequent recoveries made are recognized as income in the Consolidated Statements
of Income and Comprehensive Income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000664" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_848_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zU1apvjLwZVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>G.
<span id="xdx_86D_z2MHKFRNTT29">Fair value measurements</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the
absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical
transaction between market participants at the measurement date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on the type of assets, the Company calculates the fair value using the income approach (e.g., based on the present value of estimated
future cash flows), the market approach or a combination of both. The unique characteristics of an asset or liability and the availability
of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. The Company measures
fair value using observable and unobservable inputs. The Company gives the highest priority to quoted prices (unadjusted) in active markets
for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the following fair value hierarchy:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1 -</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted
    prices (unadjusted) in active markets for identical assets and liabilities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2 -</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted
    prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices;
    and inputs that are not directly observable but are corroborated by observable market data.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3 -</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs
    that are unobservable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments include cash, accounts receivable, derivative assets/liabilities, prepayments and other current
assets, due from related parties, accounts payable, taxes payable and accrued expenses and other current liabilities. The carrying amounts
approximate their fair values due to their short maturities as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured
at fair value on a recurring or non-recurring basis as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000666" name="us-gaap:DerivativesPolicyTextBlock"><p id="xdx_846_eus-gaap--DerivativesPolicyTextBlock_zqEUscUMj3ql" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>H.
<span id="xdx_867_zyApeqXyueT3">Derivatives</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses derivative financial instruments to manage its exposure to market price fluctuations in future contracts which are classified
as non-designated derivatives. The Company has not applied hedge accounting to these instruments as the hedging relationship is not highly
effective and the change in fair value of these derivatives is recorded within cost of revenue. The Company presents its derivative assets
and derivative liabilities as a separate item on the consolidated balance sheets. The Company does not enter into derivative contracts
for speculative or trading purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 18; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000668" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84A_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zcHXjkNq6yoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>I.
<span id="xdx_866_zizbrYUUtDF7">Property, Plant and Equipment</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated by using
the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while
expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property
and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain
or loss is credited or charged on the income statement. Long-lived assets held and used by us (including property and equipment) are
assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000670" name="BANL:ScheduleOfFixedAssetsTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfFixedAssetsTableTextBlock_zWLrK0fT54k9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B3_zwTeSzconPBl" style="display: none">Schedule
of Fixed Assets Category</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
    Asset Category </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful
    lives</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
    Software </span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zoubWHYZyaUd" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember" format="ixt-sec:duryear" id="Fact000672" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture,
    Fixtures and Equipment </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zx2KkhfUFoxb" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" id="Fact000674" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    Improvements </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zfWx1vhFLzI9" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl0675">Lesser
    of lease term or life of assets</span></span> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor
    Vehicles </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zJth2FTIYm1d" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_VehiclesMember" format="ixt-sec:duryear" id="Fact000677" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A0_z8I39xE7HdCj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000679" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zSZsUIpTcZB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>J.
<span id="xdx_861_zyN9B48IK6b">Impairment of Long-Lived Assets</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for impairment of long-lived assets in accordance with the Financial Accounting Standards Board (&#8220;FASB&#8221;)
Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360, Property, Plant and Equipment (&#8220;ASC 360&#8221;). Long-lived assets
consist primarily of property, plant and equipment. In accordance with ASC 360, the Company evaluates the carrying value of long-lived
assets when it determines a triggering event has occurred, or whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. When indicators exist, recoverability of assets is measured by a comparison of the carrying
value of the asset group to the estimated undiscounted future net cash flows expected to be generated by the asset group. Examples of
such triggering events include a significant disposal of a portion of such assets and adverse changes in the market involving the business
employing the related assets. If such assets are determined not to be recoverable, the Company performs an analysis of the fair value
of the asset group and will recognize an impairment loss when the fair value is less than the carrying amounts of such assets. The fair
value, based on reasonable and supportable assumptions and projections, requires subjective judgments. Depending on the assumptions and
estimates used, the appraised fair value projected in the evaluation of long-lived assets can vary within a range of outcomes. The Company
considers the likelihood of possible outcomes in determining the best estimate for the fair value of the assets. The Company did not
record any impairment charges for the years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000681" name="BANL:DeferredOfferingCostsPolicyTextBlock"><p id="xdx_841_ecustom--DeferredOfferingCostsPolicyTextBlock_z5gdDHDhJ8Kf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zIowGWZFDAy5">Deferred
Offering Costs</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
offering costs consists of capitalized underwriting, legal, accounting and other expenses incurred through the balance sheet date that
are directly related the proposed Public Offering and will be charged against the proceeds received upon completion of the offering,
should the offering be unsuccessful, these deferred costs will be charged to operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023, the Company had incurred $<span id="xdx_905_eus-gaap--DeferredOfferingCosts_iI_pn5n6_c20231231_z2cxH0NzTIyl" title="Deferred offering costs"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2023-12-31" id="Fact000683" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million  in fees associated with The Offering which were recorded against gross proceeds within additional paid-in capital in the balance sheet. During the year ended December 31, 2022, the Company incurred $<span id="xdx_90B_eus-gaap--DeferredOfferingCosts_iI_pn5n6_c20221231_z5aDori26mMa" title="Deferred offering costs"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2022-12-31" id="Fact000685" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million in fees associated with The Offering, which were recognized as Deferred Offering Costs on the balance sheet as of December 31, 2022, and were subsequently recorded against gross proceeds upon the closing of The Offering in March 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000687" name="BANL:RelatedPartiesPolicyTextBlock"><p id="xdx_841_ecustom--RelatedPartiesPolicyTextBlock_zJEq6814Bnab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>K.
<span id="xdx_868_zaJYDKqXiGEd">Related Parties</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties
are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are
controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management,
members of the immediate families of principal owners of the Company and its management and other parties with which the Company may
deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one
of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related
party transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 19; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000689" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84D_eus-gaap--RevenueRecognitionPolicyTextBlock_zKqH7qzbRfIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>L.
<span id="xdx_86E_zj9Rs3RCH7Dj">Revenue and Cost of Revenue</span> </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue in accordance with FASB ASC Topic 606. Based on the requirements of ASC Topic 606, revenue is recognized when
control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects
to be entitled to receive in exchange for those goods or services. The Company is primarily engaged in sales and distribution of marine
fuel. Revenue is recognized when the following 5-step revenue recognition criteria are met:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify
    the contract with a customer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify
    the performance obligations in the contract</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determine
    the transaction price</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocate
    the transaction price to each performance obligation</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize
    revenue when or as the entity satisfies a performance obligation</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company generally recognizes sales and distribution of marine fuel revenue on a gross basis as the Company has control of the products
or services before they are delivered to the Company&#8217;s customers. In drawing this conclusion, the Company considered various factors,
including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that the Company
is normally the primary obligor in the Company&#8217;s sales arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from the sales and distribution of marine fuel is recognized at a point in time when the Company&#8217;s customers obtain control of
the marine fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Shipping and handling
activities are considered to be fulfillment activities rather than promised services and are not, therefore, considered to be separate
performance obligations. The Company&#8217;s sales terms provide no right of return outside of a standard quality policy and returns
are generally and have not been significant. Payment terms are generally set at 30 to 90 days after the delivery of the fuel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 10 for disaggregation of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenue consists primarily of cost of marine fuel and delivery services necessary in the course of sales and distribution of marine
fuel. The change in fair value of the derivative instruments not designated as hedging instruments is also recorded in cost of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000691" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zHESz6tQ6Jid" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>M.
<span id="xdx_86E_zsIM1NLyTdw7">Earnings per Ordinary Share</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
per ordinary share is calculated in accordance with ASC 260, Earnings per Share. Basic earnings per ordinary share is computed by dividing
the net income (loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during
the period. Diluted earnings per ordinary share is computed in accordance with the treasury stock method and based on the weighted average
number of ordinary shares plus dilutive ordinary share equivalents. Dilutive ordinary share equivalents are excluded from the computation
of diluted earnings per ordinary share if their effects would be anti-dilutive. The Company has no dilutive ordinary share equivalents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000693" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84E_eus-gaap--IncomeTaxPolicyTextBlock_zw87ytWu1LG6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>N.
<span id="xdx_866_zGtvsp497CD7">Income Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
taxes are accounted for in accordance with FASB ASC Topic 740 which utilizes the asset and liability method. Under this method, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards.
Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in
income tax rates is recorded as a component of the provision for income taxes in the period that includes the enactment date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regular
assessments are made on the likelihood that the Company&#8217;s deferred tax assets will be recovered from the Company&#8217;s future
taxable income. The Company&#8217;s evaluation is based on estimates, assumptions, and includes an analysis of available positive and
negative evidence. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary
differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and
cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards
expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remaining carrying value of the Company&#8217;s net deferred tax asset, after recording the valuation allowance is based on the Company&#8217;s
present belief that it is more likely than not that the Company will be able to generate sufficient future taxable income in certain
tax jurisdictions to utilize such net deferred tax asset. The amount of the remaining net deferred tax asset considered recoverable could
be adjusted if the Company&#8217;s estimates of future taxable income during the carryforward period change favorably or unfavorably.
To the extent the Company believes that it is more likely than not that some or all of the remaining net deferred tax asset will not
be realized, the Company must establish a valuation allowance against the net deferred tax asset, resulting in additional income tax
expense in the period such determination is made. To the extent a valuation allowance currently exists, the Company will continue to
monitor all positive and negative evidence until the Company believes it is more likely than not that it is no longer necessary, resulting
in an income tax benefit in the period such determination is made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
judgment is required in evaluating the Company&#8217;s tax positions, and in determining the Company&#8217;s provision for income taxes,
the Company&#8217;s deferred tax assets and liabilities and any valuation allowance recorded against the Company&#8217;s net deferred
tax asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000695" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zJJDmuctYNQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>O.
<span id="xdx_86B_zXJQ52LzB4w1">Segment Reporting</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management,
including the chief operating decision makers, review the Company&#8217;s internal reporting in order to assess performance and allocate
resources. The Company is principally engaged in sales and distribution of marine fuel. Information reported to the chief operating decision
maker, for purposes of resources allocation and performance assessment, focuses on the operating results of the Company as a whole, and
hence, the Company has only one reportable segment. The Company operates and manages its business as a single segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000697" name="BANL:UnusualOrInfrequentItemsPolicyTextBlock"><p id="xdx_845_ecustom--UnusualOrInfrequentItemsPolicyTextBlock_zRm9IHRaYvA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>P.
<span id="xdx_865_zXoz8wNlFJ95">The COVID-19 Pandemic</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Post-COVID-19
World Economy recovery</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            2023 and 2024, the global economy continues to gradually recover from the pandemic. According
                                            to the OECD, the global GDP has grown at approximately 2.9% in 2023 and is projected to grow
                                            at 2.7% in 2024 and 3.0% in 2025, with India, Indonesia, China, Saudi Arabia and Turkey being
                                            the countries recording greatest growth in both years.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
                                            the COVID-19 pandemic severely impacted international supply chains and logistics networks,
                                            the challenges have also spurred an uptick in inventive approaches within the sector, accompanied
                                            by a surge in funding for digital, paperless technologies, Advances in customs procedures,
                                            port improvements, streamlined trade processes, and the adoption of electronic trading documentation
                                            are poised to expedite operations, decrease expenses, and minimize holdups. These developments
                                            are expected to enhance efficiency, cut down on waste, and yield improved outcomes for nations
                                            and the environment.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            shipping sector emerged as one of the primary beneficiaries in the wake of COVID-19. Global
                                            container port throughput witnessed an annual growth of 7.2% in 2021 and a slight uptick
                                            of 0.4% in 2022. In 2023, there was a small year-on-year decline of 0.7%, signaling a mild
                                            rebalancing after the exceptionally high demand of the previous years. The Liner Shipping
                                            Connectivity Index in regions such as Asia, Latin America, the Caribbean, and Oceania soared
                                            to unprecedented levels in 2023, indicating a full restoration of shipping connections and
                                            operations. Moreover, as supply chain disruptions have largely been resolved, freight rates,
                                            including those measured by the Shanghai Containerized Freight Index and the Baltic Dry Index,
                                            along with the average waiting times for container ships at ports, have returned to levels
                                            seen before the pandemic. In specific sectors and countries, China&#8217;s post-COVID-19
                                            reopening and heightened industrial activity significantly boosted the demand for commodities
                                            like iron ore and coal. Brazil experienced a marked increase in soybean exports, attributed
                                            to favorable weather and the onset of the export season. Furthermore, the renewal of the
                                            Black Sea Grain Initiative in March 2023 played a pivotal role in advancing grain trade.&#160;&#160;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000699" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_843_eus-gaap--LesseeLeasesPolicyTextBlock_zw4pvz7GXcYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Q.
<span id="xdx_866_z1P7iLrwGsT4">Leases</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding
whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts leases in accordance with FASB ASC Topic 842, Leases, for the Company&#8217;s lease-related assets and liabilities based
on their classification as operating leases or finance leases. For all arrangements as a lessee, the Company has elected an accounting
policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes.
The Company measures lease related assets and liabilities based on the present value of lease payments, including in-substance fixed
payments, variable payments that depend on an index or rate measured at the commencement date, and the amount the Company believes is
probable the Company will pay the lessor under residual value guarantees when applicable. The Company discounts lease payments based
on the Company&#8217;s estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on the
Company&#8217;s estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. The Company
has elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related
assets and liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company tests right-of-use assets in an operating or finance lease at the asset group level (because these assets are long-lived nonfinancial
assets and should be accounted for the same way as other long-lived nonfinancial assets) whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000701" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84D_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zOArk2efpCBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>S.
<span id="xdx_869_zluamxShQGig">Recently adopted Accounting Standards</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, there have been no accounting standards that, upon adoption, had a material impact on the Company&#8217;s
consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000703" name="BANL:RecentlyIssuedAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84B_ecustom--RecentlyIssuedAccountingPronouncementsPolicyPolicyTextBlock_z6IrjLqzTkF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>T.
<span id="xdx_86E_z62eJ8gtxNjh">Recently Issued Accounting Standards</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
of Supplier Finance Program Obligations. In September 2022, Accounting Standard Update (&#8220;ASU&#8221;) 2022-04 was issued to require
the buyer in a supplier finance program to disclose the key terms of the program, outstanding confirmed amounts as of the end of the
period, a roll forward of such amounts during each annual period, and a description of where in the financial statements outstanding
amounts are presented. The amendments do not affect the recognition, measurement or financial statement presentation of supplier finance
program obligations. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within
those fiscal years. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet
is presented, except for the roll forward, which should be applied prospectively. The Company does not expect the adoption of this ASU
to have a significant impact on its consolidated financial statements. There are no other recently issued accounting standards not yet
adopted by the Company that, upon adoption, are expected to have a material impact on the Company&#8217;s consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_853_zS8Nprshmsn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000705" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p id="xdx_80C_eus-gaap--AccountsAndNontradeReceivableTextBlock_zKr8cpdURFzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_82C_zx6iZiGe9Lvi">Accounts Receivable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company extends credit on an unsecured basis to most of its customers. The Company&#8217;s exposure to expected credit losses depends
on the financial condition of its customers and other macroeconomic factors beyond the Company&#8217;s control, such as deteriorating
conditions in the world economy or in the industries the Company serves, changes in oil prices and political instability. While the Company
actively manages its credit exposure and works to respond to both changes in the customers&#8217; financial conditions or macroeconomic
events, there can be no guarantee the Company will be able to mitigate all of these risks successfully.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company performs ongoing credit evaluations of its customers and adjust credit limits based upon payment history and the customer&#8217;s
current creditworthiness based on expected exposure. The payment terms with customers are based on each customers&#8217; creditworthiness
and are generally 30 to 90 days, although certain markets and other customer-specific factors may warrant longer payment terms. Accounts
receivable balances that are not paid within the terms of the sales agreement may be subject to finance fees based on the outstanding
balance. Although the Company analyzes customers&#8217; payment history and expected creditworthiness, since the Company extends credit
on an unsecured basis to most of its customers, there is a possibility that any accounts receivable not collected may ultimately need
to be written off.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had accounts receivable of $<span id="xdx_906_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231_zmsWhLEIJOE5" title="Accounts receivable"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31" id="Fact000707" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,125,851</ix:nonFraction></span>
and $<span id="xdx_90B_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231_z8vVIDMrtSDd" title="Accounts receivable"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31" id="Fact000709" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,446,176</ix:nonFraction></span>
as of December 31, 2023 and 2022, respectively, of which accounts receivable from the top five customers accounted for $<span id="xdx_90E_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__srt--MajorCustomersAxis__custom--TopFiveCustomersMember_zdg6tZUA2MXf" title="Accounts receivables"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31_custom_TopFiveCustomersMember" id="Fact000711" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,487,032</ix:nonFraction></span>
and $<span id="xdx_90D_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__srt--MajorCustomersAxis__custom--TopFiveCustomersMember_zzeuwvr9oOHh" title="Accounts receivables"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31_custom_TopFiveCustomersMember" id="Fact000713" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,253,060</ix:nonFraction></span>
as at December 31, 2023 and 2022 accounted for approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TopFiveCustomersMember_zS5nL9XE8I7j" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_TopFiveCustomersMember" id="Fact000715" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.7</ix:nonFraction></span>%
(the largest of which accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerJMember_zejekSCGuJQe" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerJMember" id="Fact000717" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15.6</ix:nonFraction></span>%)
and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TopFiveCustomersMember_zJLjDchW6jBb" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_TopFiveCustomersMember" id="Fact000719" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">75.8</ix:nonFraction></span>%
(the largest of which accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zBFYgEFWO0n1" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember" id="Fact000721" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">22.4</ix:nonFraction></span>%)
of total accounts receivable, respectively. The Company has <span id="xdx_90C_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_do_c20231231_zjfBQ39641zl" title="Allowance for doubtful accounts"><span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_do_c20221231_zQvzpvUA0JAg" title="Allowance for doubtful accounts"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact000723" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2022-12-31" id="Fact000725" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span>
allowance for doubtful accounts as of December 31, 2023 and 2022 and <span id="xdx_90A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_do_c20231231_zAe3R3vEXXp3" title="Bad debt expense"><span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_do_c20221231_zkrVkBPYBOXa" title="Bad debt expense"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact000727" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2022-12-31" id="Fact000729" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span>
bad debt expense for the years then ended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2023, all accounts receivable recorded on December 31, 2023 has been collected substantially within their respective
credit periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of December 31, 2023, the Company sold accounts receivable of $ <span id="xdx_907_eus-gaap--AccountsReceivableSale_c20230101__20231231_zPeNqtKzaEwk" title="Accounts receivable sold"><ix:nonFraction name="us-gaap:AccountsReceivableSale" contextRef="From2023-01-01to2023-12-31" id="Fact000731" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,684,268</ix:nonFraction></span> ($<span id="xdx_907_eus-gaap--AccountsReceivableSale_c20220101__20221231_z6qXKnWYnfQ2" title="Accounts receivable sold"><ix:nonFraction name="us-gaap:AccountsReceivableSale" contextRef="From2022-01-012022-12-31" id="Fact000733" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,168,297</ix:nonFraction></span> as of December 31, 2022)
to a bank under a non-recourse factoring arrangement (see Note 7), out of which, $<span id="xdx_90E_eus-gaap--ProceedsFromBankDebt_c20230101__20231231_zWjywHqvSwgk" title="Received from bank"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000735" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,626,345</ix:nonFraction></span> ($<span id="xdx_906_eus-gaap--ProceedsFromBankDebt_c20220101__20221231_zdbVi0bZY0hl" title="Received from bank"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2022-01-012022-12-31" id="Fact000737" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,134,637</ix:nonFraction></span> as of December 31, 2022) has been
received from the bank. Upon settlements from customers, the Company would receive $<span id="xdx_905_ecustom--ProceedsFromBankDebtUponSettlements_c20230101__20231231_zFxLmbykNKsl" title="Proceeds from bank debt upon settlements"><ix:nonFraction name="BANL:ProceedsFromBankDebtUponSettlements" contextRef="From2023-01-01to2023-12-31" id="Fact000739" format="ixt:numdotdecimal" decimals="0" unitRef="USD">57,922</ix:nonFraction></span> ($<span id="xdx_901_ecustom--ProceedsFromBankDebtUponSettlements_c20220101__20221231_zMUq2BF5YWx3" title="Proceeds from bank debt upon settlements"><ix:nonFraction name="BANL:ProceedsFromBankDebtUponSettlements" contextRef="From2022-01-012022-12-31" id="Fact000741" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,033,659</ix:nonFraction></span> as of December 31, 2022) from the
bank.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000743" name="us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"><p id="xdx_80C_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_zLUwbKgchOc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_828_zk2hJsj5yYjg">Derivative Instruments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company values its derivative instruments using alternative pricing sources and market observable inputs, and accordingly the Company
classifies the valuation techniques that use these inputs as Level 2.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000745" name="us-gaap:ScheduleOfDerivativeInstrumentsTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfDerivativeInstrumentsTextBlock_zrHxuWX8U7Pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the gross fair value of the Company&#8217;s derivative instruments not designated as hedging instruments and
their locations on the consolidated balance sheets:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8BD_zsEDDmzzRMUd" style="display: none">Schedule of Derivative Instruments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; text-align: left; padding-bottom: 2.5pt">Commodity contracts</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20231231__us-gaap--DerivativeInstrumentRiskAxis__custom--CommodityContractsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zmgCUxv7UD06" title="Derivative liabilities" style="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2023-12-31_custom_CommodityContractsMember_us-gaap_FairValueInputsLevel2Member" id="Fact000749" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,776</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A7_zsxlkZgcGMi3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000763" name="BANL:ScheduleOfGrossNotionalValueTextBlock"><p id="xdx_89C_ecustom--ScheduleOfGrossNotionalValueTextBlock_zdqfZgyYmEK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B5_zZt6k5LJbQFi" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</ix:nonNumeric><p id="xdx_8AF_z5YkBluKZIf7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the effect and financial statement location of the Company&#8217;s derivative instruments not designated as
hedging instruments on the Company&#8217;s consolidated statements of income and comprehensive income:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000773" name="BANL:ScheduleOfRealizedandUnrealizedGainTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfRealizedandUnrealizedGainTableTextBlock_zLBgiE3W5qi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B9_znVwycFNahO2" style="display: none">Schedule
of Realized and Unrealized Gain</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40F_ecustom--AmountOfRealizedAndUnrealizedGain_hus-gaap--DerivativeInstrumentRiskAxis__custom--CommodityContractsMember_zz1cnyftEugk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left; padding-bottom: 1.5pt">Gain from commodity contracts</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 16%; text-align: center; padding-bottom: 1.5pt">Cost of revenue</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_zq2G6RdOTUZj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000780" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zMsLkmPohy5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B5_zzOl4NuNuo13" style="display: none">Schedule
of Prepayment and Other current Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--PrepaidExpenseCurrent_iI_zCV8vdnElekg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--DepositsAssetsCurrent_iI_zdnCK4qsJM84" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--OtherPrepaidExpenseCurrent_iTI_pp0p0_zN75AgUPB5J2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8A4_ztm1iksjDv3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
as of December 31, 2023 principally represent advance payments to various service providers for services to be provided subsequently.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000793" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80F_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z0K9qQuBxZK8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
<span id="xdx_82E_zCmo4yIkztE5">Property, Plant and Equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000795" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zBCAgL8Yiua7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of property and equipment are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B6_zBxNHKOVyQL6" style="display: none">Schedule
of Property Plant and Equipment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzVLn_zWhgP7e8UxSi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Office equipment, furniture and fixtures</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndFixturesMember" id="Fact000798" format="ixt:numdotdecimal" decimals="0" unitRef="USD">363,167</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_msPPAENzVLn_zIfCEAXbVGI1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation and amortization</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndFixturesMember" id="Fact000801" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,284</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzVLn_zNdd08ZvzW3k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Office equipment, furniture and fixtures, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_custom_OfficeEquipmentAndFixturesMember" id="Fact000803" format="ixt:numdotdecimal" decimals="0" unitRef="USD">429,511</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndFixturesMember" id="Fact000804" format="ixt:numdotdecimal" decimals="0" unitRef="USD">340,883</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zO29uewsVZ37" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023 and 2022, the Company recorded depreciation expense of approximately $<span id="xdx_90E_ecustom--DepreciationExpenses_c20230101__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndFixturesMember_zst2hrEmZWt1" title="Depreciation"><ix:nonFraction name="BANL:DepreciationExpenses" contextRef="From2023-01-012023-12-31_custom_OfficeEquipmentAndFixturesMember" id="Fact000806" format="ixt:numdotdecimal" decimals="0" unitRef="USD">128,000</ix:nonFraction></span> and $<span id="xdx_907_ecustom--DepreciationExpenses_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndFixturesMember_zsLNwJ7wXbm6" title="Depreciation"><ix:nonFraction name="BANL:DepreciationExpenses" contextRef="From2022-01-012022-12-31_custom_OfficeEquipmentAndFixturesMember" id="Fact000808" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,000</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_VehiclesMember" escape="true" id="Fact000810" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_891_eus-gaap--PropertyPlantAndEquipmentTextBlock_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zKXNhpVbYAn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of motor vehicle are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BC_z0oaWIPxrpZ6" style="display: none">Schedule
of Property Plant and Equipment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zkoDYbV4xUZ4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzTHb_zLNgKA4vsbWf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Motor vehicle</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_VehiclesMember" id="Fact000812" format="ixt:numdotdecimal" decimals="0" unitRef="USD">190,787</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_VehiclesMember" id="Fact000813" format="ixt:numdotdecimal" decimals="0" unitRef="USD">98,632</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_msPPAENzTHb_zRIdo882HZjl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-12-31_us-gaap_VehiclesMember" id="Fact000815" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,455</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31_us-gaap_VehiclesMember" id="Fact000816" format="ixt:numdotdecimal" decimals="0" unitRef="USD">84,542</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzTHb_zzkxoAHScqM4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Motor vehicle, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_us-gaap_VehiclesMember" id="Fact000818" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,332</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_us-gaap_VehiclesMember" id="Fact000819" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,090</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zTqABvnxQxv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023 and 2022, the Company recorded depreciation expense of approximately $<span id="xdx_904_eus-gaap--Depreciation_c20230101__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zDXrbDLGIMD4" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-012023-12-31_us-gaap_VehiclesMember" id="Fact000821" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,000</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--Depreciation_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zfhUFe89IQDi" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31_us-gaap_VehiclesMember" id="Fact000823" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,000</ix:nonFraction></span> respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_ComputerEquipmentMember" escape="true" id="Fact000825" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zbTrBOVkjSx7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of computer software costs are as follows:</span></p>



<p style="margin: 0"><span id="xdx_8B2_zusQDgHeIUXg" style="display: none">Schedule
of Property Plant and Equipment</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zm5vkBQ5RrX5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zpxvSFSSG7C7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzkwy_zNTWKgQP9aZ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Computer software</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_ComputerEquipmentMember" id="Fact000827" format="ixt:numdotdecimal" decimals="0" unitRef="USD">554,893</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_ComputerEquipmentMember" id="Fact000828" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,155</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_msPPAENzkwy_zfETQovRSJUg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-12-31_us-gaap_ComputerEquipmentMember" id="Fact000830" format="ixt:numdotdecimal" decimals="0" unitRef="USD">56,224</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31_us-gaap_ComputerEquipmentMember" id="Fact000831" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,038</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzkwy_zQVGQXRONLc6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Computer software costs, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_us-gaap_ComputerEquipmentMember" id="Fact000833" format="ixt:numdotdecimal" decimals="0" unitRef="USD">488,669</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_us-gaap_ComputerEquipmentMember" id="Fact000834" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,117</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zeEY4l6S5vr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023 and 2022, the Company recorded amortization expense related to computer software of approximately $<span id="xdx_901_eus-gaap--CapitalizedComputerSoftwareAmortization1_c20230101__20231231_zqn0Wg2Oykr1" title="Amortization expense"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareAmortization1" contextRef="From2023-01-01to2023-12-31" id="Fact000836" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000</ix:nonFraction></span>,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000840" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock"><p id="xdx_809_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTextBlock_zfhcq1OYyff3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
<span id="xdx_82A_zoJ73hgTQeJb">Interest Income and Interest Expense</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group was offered certain factoring facilities with a commercial bank to purchase certain accounts receivable on non-recourse basis.
As of December 31, 2023 and 2022, the factoring facilities were $<span id="xdx_90E_ecustom--FactoringFacility_pn5n6_c20230101__20231231_zlFpI2YVzwj" title="Factoring facility"><ix:nonFraction name="BANL:FactoringFacility" contextRef="From2023-01-01to2023-12-31" id="Fact000842" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">15.2</ix:nonFraction></span> million and $<span id="xdx_907_ecustom--FactoringFacility_pn5n6_c20220101__20221231_z8iAdDsN4Hal" title="Factoring facility"><ix:nonFraction name="BANL:FactoringFacility" contextRef="From2022-01-012022-12-31" id="Fact000844" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">13.6</ix:nonFraction></span> million respectively. As invoices were factored
with the bank, they were not recorded as accounts receivable in the Company&#8217;s consolidated financial statements. As of December
31, 2023, accounts receivable factored was approximately $<span id="xdx_907_eus-gaap--AccountsReceivablePurchase_pn5n6_c20230101__20231231_zJoGZ94Iu4vj" title="Accounts receivable factored"><ix:nonFraction name="us-gaap:AccountsReceivablePurchase" contextRef="From2023-01-01to2023-12-31" id="Fact000846" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.6</ix:nonFraction></span> million ($<span id="xdx_90E_eus-gaap--AccountsReceivablePurchase_pn5n6_c20220101__20221231_zh9HYhk0g4uf" title="Accounts receivable factored"><ix:nonFraction name="us-gaap:AccountsReceivablePurchase" contextRef="From2022-01-012022-12-31" id="Fact000848" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.1</ix:nonFraction></span> million as of December 31, 2022).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the unused portion of the financing facilities was approximately $ <span id="xdx_90D_eus-gaap--DebtInstrumentUnusedBorrowingCapacityAmount_iI_pn5n6_c20231231_zsad4smR0cl3" title="Unused portion of financing facilities"><ix:nonFraction name="us-gaap:DebtInstrumentUnusedBorrowingCapacityAmount" contextRef="AsOf2023-12-31" id="Fact000850" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">13.6</ix:nonFraction></span> million ($<span id="xdx_90E_eus-gaap--DebtInstrumentUnusedBorrowingCapacityAmount_iI_pn5n6_c20221231_zfMlJTNnejMl" title="Unused portion of financing facilities"><ix:nonFraction name="us-gaap:DebtInstrumentUnusedBorrowingCapacityAmount" contextRef="AsOf2022-12-31" id="Fact000852" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">9.5</ix:nonFraction></span> million as of December 31,
2022).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interest rates under the factoring agreement range from <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MinimumMember_zlXDYqTMmHTe" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2023-12-31_srt_MinimumMember" id="Fact000854" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.49</ix:nonFraction></span>% to <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MaximumMember_z8m2fAyfcldi" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2023-12-31_srt_MaximumMember" id="Fact000856" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.88</ix:nonFraction></span>% (2022: <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MinimumMember_zWFIJbPfGDYa" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-12-31_srt_MinimumMember" id="Fact000858" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.29</ix:nonFraction></span>% to <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MaximumMember_zy2Dn6GjzqT9" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-12-31_srt_MaximumMember" id="Fact000860" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.52</ix:nonFraction></span>%) per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000862" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock"><p id="xdx_892_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTableTextBlock_zJYNz8XteIi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides additional information about the Company&#8217;s interest income, interest expense and other financing costs,
net:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B5_zOoPQneE9Tu4" style="display: none">Schedule
of Interest Income and Interest Expense</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20230101__20231231_zktVe2APNsFg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220101__20221231_zyH4W9ewrh1c" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31.</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--InterestIncomeOther_msIEz7kZ_zXBL7PhKKQea" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Interest income</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeOther" contextRef="From2023-01-01to2023-12-31" id="Fact000864" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,853</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeOther" contextRef="From2022-01-012022-12-31" id="Fact000865" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,710</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--FinanceLeaseInterestExpense_iN_di_maIEz7kZ_zV7uk8usW2Sb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest expense on lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000867" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,379</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2022-01-012022-12-31" id="Fact000868" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,958</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--InterestExpenseOther_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maIEz7kZ_zwjgmO2uaRA9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest expense on factoring arrangement</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2023-01-012023-12-31_us-gaap_RelatedPartyMember" id="Fact000870" format="ixt:numdotdecimal" decimals="0" unitRef="USD">290,107</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2022-01-012022-12-31_us-gaap_RelatedPartyMember" id="Fact000871" format="ixt:numdotdecimal" decimals="0" unitRef="USD">256,745</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--InterestExpense_iN_di_mtIEz7kZ_z6KpfqBdAmLe" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total:</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000873" format="ixt:numdotdecimal" decimals="0" unitRef="USD">231,633</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-012022-12-31" id="Fact000874" format="ixt:numdotdecimal" decimals="0" unitRef="USD">259,993</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zVYeWRfY1P6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000876" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80E_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zg8y9JLKXqPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
<span id="xdx_829_ztrA74g5LMb5">Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Purchase Commitments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company has committed to sell to certain customers to a maximum of <span id="xdx_908_eus-gaap--DerivativeNonmonetaryNotionalAmountMass_ut_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zjx0tnPpDgPa" title="Sale amount"><ix:nonFraction name="us-gaap:DerivativeNonmonetaryNotionalAmountMass" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact000878" format="ixt:numdotdecimal" decimals="INF" unitRef="t">155,600</ix:nonFraction></span> MT marine fuels with delivery to
be made in 2024. The Company has contracted with various suppliers to purchase to a maximum of <span id="xdx_901_ecustom--PurchasePrice_ut_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zNXioUR4gWI" title="Purchase price"><ix:nonFraction name="BANL:PurchasePrice" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact000880" format="ixt:numdotdecimal" decimals="INF" unitRef="t">210,000</ix:nonFraction></span> MT marine fuels in the same period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contingencies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot
be predicted with certainty, and the Company does not anticipate that the final outcome arising out of any such matter will have a material
adverse effect on its consolidated financial position, cash flows or results of operations. As of December 31, 2023 and 2022, the Company
is not a party to any material legal or administrative proceedings and did not have any significant contingencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000882" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_808_eus-gaap--IncomeTaxDisclosureTextBlock_za0X8l1SZAKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
<span id="xdx_82C_zTiX1SaVUO8k">Income Taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>British
Virgin Islands</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current laws of the British Virgin Islands, the Company is not subject to any income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hong
Kong</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the two-tiered profit tax rate regime of Hong Kong Profits Tax, the first HK$<span id="xdx_903_eus-gaap--IncomeTaxExpenseBenefit_uHKD_c20230101__20231231__srt--StatementGeographicalAxis__country--HK_zv9VlZjPcO76" title="Profit tax rate regime"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_HK" id="Fact000884" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,000,000</ix:nonFraction></span> (approximately $<span id="xdx_900_eus-gaap--IncomeTaxExpenseBenefit_uUSD_c20230101__20231231__srt--StatementGeographicalAxis__country--HK_zFBHnWhVPlI6" title="Profit tax rate regime"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_HK" id="Fact000886" format="ixt:numdotdecimal" decimals="0" unitRef="USD">258,000</ix:nonFraction></span>), of profits of the qualifying
group entity will be taxed at <span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--RangeAxis__srt--MaximumMember_zaQKUf3DB4Cb" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_country_HK_srt_MaximumMember" id="Fact000888" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.25</ix:nonFraction></span>%, and profits above HK$<span id="xdx_90E_eus-gaap--IncomeTaxExpenseBenefit_uHKD_c20230101__20231231_z5OzBVVcmtBb" title="Assessable profits"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000890" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,000,000</ix:nonFraction></span> will be taxed at <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zobk5NSPBLx6" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact000892" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>%. For the years ended December 31, 2023 and
2022, the Company had $<span id="xdx_906_ecustom--IncomeTaxSubjectToProfitsTax_c20230101__20231231__srt--StatementGeographicalAxis__country--HK_zmH8oBE8JZa5" title="Income subject to profits tax"><ix:nonFraction name="BANL:IncomeTaxSubjectToProfitsTax" contextRef="From2023-01-012023-12-31_country_HK" id="Fact000894" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,072,386</ix:nonFraction></span> and $<span id="xdx_902_ecustom--IncomeTaxSubjectToProfitsTax_c20220101__20221231__srt--StatementGeographicalAxis__country--HK_zQ2lJiGsy9Mi" title="Income subject to profits tax"><ix:nonFraction name="BANL:IncomeTaxSubjectToProfitsTax" contextRef="From2022-01-012022-12-31_country_HK" id="Fact000896" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,709,683</ix:nonFraction></span>, respectively, of income subject to the Hong Kong Profits Tax.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Malaysia</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malaysia
Income Tax is calculated at <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--MY_zOwqjwEvPsud" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_country_MY" id="Fact000898" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">24</ix:nonFraction></span>% of the estimated assessable profits for the relevant year. For the years ended December 31, 2023 and
2022, the Company had $<span id="xdx_90C_ecustom--IncomeTaxSubjectToProfitsTax_c20230101__20231231__srt--StatementGeographicalAxis__country--MY_zfF1mvFYHGWa" title="Income subject to profits tax"><ix:nonFraction name="BANL:IncomeTaxSubjectToProfitsTax" contextRef="From2023-01-012023-12-31_country_MY" id="Fact000900" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,031</ix:nonFraction></span> and $<span id="xdx_90C_ecustom--IncomeTaxSubjectToProfitsTax_c20220101__20221231__srt--StatementGeographicalAxis__country--MY_zJQMO0f4YQK9" title="Income subject to profits tax"><ix:nonFraction name="BANL:IncomeTaxSubjectToProfitsTax" contextRef="From2022-01-012022-12-31_country_MY" id="Fact000902" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,633</ix:nonFraction></span>, respectively, of income subject to the Malaysia Income Tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 25; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000904" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z8grlaMIf4je" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income tax provision consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B9_zVMVvwpXnBm7" style="display: none">Schedule
of Income Before Income Taxes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td>Current:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncomeTaxExpenseBenefit_hus-gaap--IncomeTaxAuthorityAxis__country--HK_zWmjNebszgZi" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Hong Kong</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_404_eus-gaap--IncomeTaxExpenseBenefit_zgbTaHZMkaLk" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000912" format="ixt:numdotdecimal" decimals="0" unitRef="USD">298,605</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000913" format="ixt:numdotdecimal" decimals="0" unitRef="USD">814,468</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">Deferred</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0915">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0916">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--IncomeTaxExpenseBenefit_zseLzlL6WBh2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000918" format="ixt:numdotdecimal" decimals="0" unitRef="USD">298,605</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000919" format="ixt:numdotdecimal" decimals="0" unitRef="USD">814,468</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AE_zt2EtTPK00o5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000921" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zBDrUjCSTqy4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a reconciliation of the Company&#8217;s total income tax expense to the income before income taxes for the years ended December
31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B4_z73BkqMpM5b2" style="display: none">Schedule
of Components of Income Tax Expense</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20230101__20231231_zIOdYhdbO0fk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Income before provision for income taxes</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000923" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,431,255</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationTaxSettlementsDomestic_maITEBzB3V_zrjTpqGvSEli" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax at the domestic income tax rate of <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231_z6mw0wbqO3Q1" title="Income tax expense (benefit) at federal statutory rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbXBvbmVudHMgb2YgSW5jb21lIFRheCBFeHBlbnNlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact000929" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxSettlementsDomestic" contextRef="From2022-01-012022-12-31" id="Fact000927" format="ixt:numdotdecimal" decimals="0" unitRef="USD">742,412</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_maITEBzB3V_zIlxGu6MZfoj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax effect of Hong Kong graduated rates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact000931" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,290</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate" contextRef="From2022-01-012022-12-31" id="Fact000932" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,290</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBzB3V_zzBxUl2b7iX6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Foreign tax rate differentials</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-01-012022-12-31" id="Fact000935" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,322</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_maITEBzB3V_zYgmRxEXtfNa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-deductible expenses for tax purpose</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationNondeductibleExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000937" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,412</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationNondeductibleExpense" contextRef="From2022-01-012022-12-31" id="Fact000938" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,595</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_iN_di_msITEBzB3V_zMmkvOKnddB2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-taxable income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxExemptIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000940" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,790</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_zD5w0pLUYxi3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000949" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_806_eus-gaap--RevenueFromContractWithCustomerTextBlock_zawCfJ6lrWaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
<span id="xdx_824_zfknvd7bZuQc">Revenue Disaggregation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000951" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_89A_eus-gaap--DisaggregationOfRevenueTableTextBlock_zCPWHRs2DSvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table breaks down revenue by geographic location of the Company&#8217;s revenue. The geographical location is based on the
location at which the marine fuel is delivered to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B4_zccTR16Df2ai" style="display: none">Schedule
of Revenue by Geographic Location</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20230101__20231231_zVg8Sq9BgEb5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="width: 60%; text-align: justify">China</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_country_CN" id="Fact000953" format="ixt:numdotdecimal" decimals="0" unitRef="USD">242,702,176</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_country_CN" id="Fact000954" format="ixt:numdotdecimal" decimals="0" unitRef="USD">252,628,159</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--HK_zRNvAWOIZkcf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Hong Kong</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_country_HK" id="Fact000956" format="ixt:numdotdecimal" decimals="0" unitRef="USD">137,206,005</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_country_HK" id="Fact000957" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,143,686</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--MY_zzk2dLqZhfK2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Malaysia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_country_MY" id="Fact000959" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,725,038</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_country_MY" id="Fact000960" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,490,822</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--SG_zqGcf8I0Fkg9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Singapore</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_country_SG" id="Fact000962" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,238,512</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_country_SG" id="Fact000963" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,865,956</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--KR_zVVW6qNFbrrh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">South Korea</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_country_KR" id="Fact000965" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,373,340</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_country_KR" id="Fact000966" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,355,855</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__custom--OtherMember_zMctO5BH9Go" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_OtherMember" id="Fact000968" format="ixt:numdotdecimal" decimals="0" unitRef="USD">652,647</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_ziLU0gPnKe7g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Total:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-01to2023-12-31" id="Fact000971" format="ixt:numdotdecimal" decimals="0" unitRef="USD">435,897,718</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31" id="Fact000972" format="ixt:numdotdecimal" decimals="0" unitRef="USD">462,906,257</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zAXCL1pNI7kl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000974" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z04fQKpjHVf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.
<span id="xdx_824_zbyc8GbzHJq7">Related Party Transactions and Balances</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
parties: </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of related parties </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relationship
    with the Company </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBL
    (Asia) Limited </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    entity controlled by Mr. Chia (Note 1)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits
    Energy Resources Berhad</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    1:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Chia is the director and controlling shareholder of CBL (Asia) Limited, which is a <span id="xdx_907_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_c20231231__srt--OwnershipAxis__custom--MrChiaMember_z2MFHwvqokzh" title="Ownership percentage by parent"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_MrChiaMember" id="Fact000978" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% shareholder of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 26; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    2:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits
    Energy Resources Berhad is a company incorporated and listed in Malaysia.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the financial year 2023 &amp; 2022, there was no transaction with the above two entities and that the balances with them were $<span id="xdx_90D_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_dxL_c20230101__20231231_ze2OOWVNDZS8" title="Related party transaction balances::XDX::0"><span id="xdx_902_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_dxL_c20220101__20221231_z9F4gIzyDptg" title="Related party transaction balances::XDX::0"><span style="-sec-ix-hidden: xdx2ixbrl0980"><span style="-sec-ix-hidden: xdx2ixbrl0982">Nil</span></span></span></span> as
of December 31, 2023 &amp; 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000984" name="BANL:FinanceAndOperatingLeasesTextBlock"><p id="xdx_80A_ecustom--FinanceAndOperatingLeasesTextBlock_zdF74s7w15jf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.
<span id="xdx_825_zYCROe71aR36">Finance and Operating Leases</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company leases offices and motor vehicles. The leases are for periods of <span id="xdx_906_eus-gaap--LesseeOperatingLeaseRenewalTerm_iI_dxL_c20231231__srt--RangeAxis__srt--MinimumMember_zeZeJO9ZYYb9" title="Lease term::XDX::P2Y"><span style="-sec-ix-hidden: xdx2ixbrl0986">two</span></span> to <span id="xdx_908_eus-gaap--LesseeOperatingLeaseRenewalTerm_iI_c20231231__srt--RangeAxis__srt--MaximumMember_zwzNvP3tJ3f4" title="Lease term"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember" format="ixt-sec:durwordsen" id="Fact000988" name="us-gaap:LesseeOperatingLeaseRenewalTerm">five years</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000990" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_892_eus-gaap--LeaseCostTableTextBlock_zhjpMrI6HQLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized the following total lease cost related to the Company&#8217;s lease arrangements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zR8nJUD9bqrj" style="display: none">Schedule of Lease Cost</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20230101__20231231_z7p22fn2qZIf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: left">Finance lease and operating lease costs</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_405_eus-gaap--LeaseCost_iT_mtLCzTyi_zJZHdeknBTR4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AF_zcW8RjN152c8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2023, the Company entered into a lease for the rental of property and recognized right-of-use assets and lease liabilities of approximately $<span id="xdx_900_eus-gaap--PaymentsForRent_c20230101__20231231_zJkTdR4CcZP8" title="Lease payment"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2023-01-01to2023-12-31" id="Fact001001" format="ixt:numdotdecimal" decimals="0" unitRef="USD">140,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Company (i) terminated a lease for the rental of property and the related right-of-use assets and
lease liabilities were written off in the amount of approximately $<span id="xdx_909_ecustom--TerminationOfLease_c20220101__20221231_zh3wb5fyOd4d" title="Termination of lease"><ix:nonFraction name="BANL:TerminationOfLease" contextRef="From2022-01-012022-12-31" id="Fact001003" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,000</ix:nonFraction></span>, and (ii) entered into&#160; a lease for the rental of property
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001007" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89D_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zLKErEzSAZz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company&#8217;s remaining lease payments are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zR2wjbamCTAe" style="display: none">Schedule of Remaining Lease Payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20231231_zi4YplLuCMl7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Leases</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzWPr_zZqUQjrYqomf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzWPr_zG4K6Xv3EPI2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">2025</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001011" format="ixt:numdotdecimal" decimals="0" unitRef="USD">199,401</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzWPr_zCPTdhrBpJdh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total remaining lease payments (undiscounted)</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_zOCEarJKEd83" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eus-gaap--OperatingLeaseLiability_iI_zx25JKRhGjDi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Present value of lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001017" format="ixt:numdotdecimal" decimals="0" unitRef="USD">372,134</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_znkJCcjE55wb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001019" name="us-gaap:SupplementalBalanceSheetDisclosuresTextBlock"><p id="xdx_89F_eus-gaap--SupplementalBalanceSheetDisclosuresTextBlock_zKHmIcWO0FLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
balance sheet information related to leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zZLDLCjm1sK1" style="display: none">Schedule of Supplemental Balance Sheet Information</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">Classification</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_497_20231231_z17o0bDAg71f" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20221231_zvZYON3iYf5h" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">Classification</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Assets:</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zIluDXNPl8Lf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 31%; text-align: left; padding-bottom: 1.5pt">Operating lease assets</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 31%; text-align: left; padding-bottom: 1.5pt">Right-of-use lease assets</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact001021" format="ixt:numdotdecimal" decimals="0" unitRef="USD">338,481</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Operating leases</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_iI_zdeowSjGzKn4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-bottom: 2.5pt">Current liabilities &#8211; lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001024" format="ixt:numdotdecimal" decimals="0" unitRef="USD">177,761</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_z64RCj3Dnnp9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Lease liability &#8211; non-current</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">Non-current liabilities &#8211; lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact001027" format="ixt:numdotdecimal" decimals="0" unitRef="USD">194,373</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact001028" format="ixt:numdotdecimal" decimals="0" unitRef="USD">229,076</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_z5u28ZNWaLWi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001030" name="BANL:ScheduleOfOtherInformationRelatedToLeasesTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfOtherInformationRelatedToLeasesTableTextBlock_zHRp2gIpTyD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
information related to leases for the years ended December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zIyM3Ipj42Z1" style="display: none">Schedule of Other Information Related to Leases</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 1551623}]
{"company-data": {"conformed-name": "CBL International Ltd", "cik": "0001914805", "assigned-sic": "5172", "organization-name": "07 Trade & Services", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41657", "film-number": "24853490"}, "business-address": {"street1": "LEVEL 23-2, MENARA PERMATA SAPURA", "street2": "KUALA LUMPUR CITY CENTRE 50088", "city": "KUALA LUMPUR", "state": "N8", "zip": "0000", "phone": "603 2706 8280"}, "mail-address": {"street1": "LEVEL 23-2, MENARA PERMATA SAPURA", "street2": "KUALA LUMPUR CITY CENTRE 50088", "city": "KUALA LUMPUR", "state": "N8", "zip": "0000"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report _________
For
the transition period from _________to _________
Commission
file number
001-41657
CBL
INTERNATIONAL LIMITED
(Exact
name of Registrant as specified in its charter)
Cayman
Islands
(Jurisdiction
of incorporation or organization)
Level
23-2 Permata Sapura
Kuala
Lumpur City Centre
50088
Kuala Lumpur
Malaysia
(Address
of principal executive offices)
Teck
Lim CHIA
, Chief Executive Officer
Telephone:
+60
3
2706 8280
Email:
wchia@cbl-grp.com
At
the address of the Company set forth above
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
    of each exchange on which registered
Ordinary
    Shares, par value $0.0001 per share
BANL
The
    Nasdaq Stock Market LLC
Securities
registered or to be registered pursuant to Section 12(g): None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
25,000,000
ordinary shares were outstanding as of December 31, 2023
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒
Yes
☐ No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒
No
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). ☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated filer
☐
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued
by the International Accounting Standards Board ☐
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which consolidated financial statement
item the registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities
Exchange Act of 1934). ☐ Yes
☒
No
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No
Table
of Contents
Page
PART
    I.
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3.
KEY
    INFORMATION
1
ITEM
    4.
INFORMATION
    ON THE COMPANY
16
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
24
ITEM
    5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
24
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
32
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
42
ITEM
    8.
FINANCIAL
    INFORMATION
43
ITEM
    9.
THE
    OFFER AND LISTING
43
ITEM
    10.
ADDITIONAL
    INFORMATION
44
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
54
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
54
PART II.
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
55
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
55
ITEM
    15.
CONTROLS AND PROCEDURES
55
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
56
ITEM
    16B.
CODE OF ETHICS
56
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
57
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
57
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
57
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
57
ITEM
    16G.
CORPORATE GOVERNANCE
57
ITEM
    16H.
MINE SAFETY DISCLOSURE
58
ITEM
    16I
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
58
PART III.
ITEM
    17.
FINANCIAL STATEMENTS
59
ITEM
    18.
FINANCIAL STATEMENTS
59
ITEM
    19.
EXHIBITS
59
i
CONVENTIONS
THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F
Unless
we indicate otherwise, references in this report to:
●
"Banle
    BVI" are to Banle International Group Limited, a company incorporated in the BVI with limited liability on July 2, 2020, and
    our direct wholly-owned subsidiary;
●
"Banle
    China" are to Banle International (China) Limited, a company incorporated in Hong Kong with limited liability on March 31,
    2021, and our indirect wholly-owned subsidiary;
●
"Banle
    Energy HK" are to Banle Energy International Limited, a company incorporated in Hong Kong with limited liability on August
    18, 2015, and our indirect wholly-owned subsidiary;
●
"Banle
    Europe" are to Banle International (Europe) Limited, a company incorporated in Dublin of Ireland with limited liability on
    September 13, 2023, and our indirect wholly-owned subsidiary;
●
"Banle
    Ireland" are to Banle International (Ireland) Limited, a company incorporated in Dublin of Ireland with limited liability on
    October 27, 2023, and our subsidiary being 55% held by us indirectly;
●
"Banle
    Malaysia" are to Banle International (Malaysia) Sdn Bhd, a private company limited by shares duly incorporated in Malaysia
    on July 16, 2020, and our indirect wholly-owned subsidiary;
●
"Banle
    Marketing" are to Banle International Marketing Limited, a Labuan company limited by shares incorporated in the Federal Territory
    of Labuan, Malaysia on August 18, 2020, and our indirect wholly-owned subsidiary;
●
"CAGR"
    are to compound annual growth rate;
●
"CBL
    International" are to CBL International Limited, an exempted company incorporated with limited liability in the Cayman Islands
    on February 8, 2022;
●
"China"
    and the "PRC" are to the People's Republic of China, excluding, for the purposes of this report only, Taiwan, the
    Hong Kong Special Administrative Region and the Macao Special Administrative Region;
●
"Companies
    Act" are to Companies Act, Cap.22 (Act 3 of 1961, as combined and revised) of the Cayman Islands;
●
"FY2021"
    are to the financial year ended December 31, 2021;
●
"FY2022"
    are to the financial year ended December 31, 2022;
●
"FY2023"
    are to the financial year ended December 31, 2023
●
"HK$"
    are to Hong Kong Dollars, the legal currency of Hong Kong;
●
"Hong
    Kong" are to the Hong Kong Special Administrative Region;
●
"IPO"
    are to the Company's initial public offering which was consummated on March 27, 2023;
●
"Majestic
    Energy" are to Majestic Energy (Shenzhen) Co. Limited, a company established in the PRC with limited liability on April 29,
    2021, and our indirect wholly-owned subsidiary;
●
"Majestic
    Energy (Singapore)" are to Majestic Energy (Singapore) Pte Ltd, a company incorporated in Singapore with limited liability
    on January 11, 2022, and our indirect wholly-owned subsidiary;
●
"MOPS"
    are to Mean of Platts Singapore, the average set of Singapore-based oil product price assessments published by Platts and the benchmark
    price in Asia for most refined products;
●
"Operating
    Subsidiaries" are to Banle Marketing, Banle Energy HK, Majestic Energy (Singapore) and Banle Malaysia;
●
"Ordinary
    shares" are to our ordinary shares, $0.0001 par value per share;
●
"Reliance
    HK" are to Reliance (China) Limited, a company incorporated in Hong Kong with limited liability on April 1, 2012, and our indirect
    wholly-owned subsidiary;
●
"RM"
    is to Malaysian ringgit, the legal currency of Malaysia;
●
"$,"
    "U.S. dollars," or "dollars" are to the legal currency of the United States; and
●
"we,"
    "us," "our Company," "our Group" and "our" are to, prior to the reorganization, Banle
    BVI and, after the reorganization, CBL International, in each case together with its consolidated subsidiaries as a consolidated
    entity, as the context requires.
ii
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties, including statements based on our
current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements are made under
the "safe harbor" provision under Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and
as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied
by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or other similar
expressions. The forward-looking statements included in this annual report relate to, among others:
●
our
    goal and strategies;
●
our
    expansion plans;
●
our
    future business development, financial condition and results of operations;
●
expected
    changes in our revenues, costs or expenditures;
●
the
    trends in, and size of, the bunkering market in the Asia Pacific and Europe;
●
our
    expectations regarding demand for, and market acceptance of, our products and services;
●
our
    expectations regarding our relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders;
●
competition
    in our industry;
●
laws,
    regulations, and policies relating to the bunkering industry in the Asia Pacific and Europe; and
●
general
    economic and business conditions.
You
should read these statements in conjunction with the risks disclosed in "Item 3. Key Information—D. Risk Factors" of
this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Moreover, we
operate in an evolving environment. New risks may emerge from time to time, and it is not possible for our management to predict all
risks, nor can we assess the impact of such risks on our business or the extent to which any risk, or combination of risks, may cause
actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements made in this
annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required
by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which
the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and the documents that
we have referred to in this annual report, completely and with the understanding that our actual future results may be materially different
from what we expect.
iii
PART
I.
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
Applicable.
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
Not
Applicable.
ITEM
    3.
KEY
    INFORMATION
3.A.
[Reserved]
3.B.
Capitalization and Indebtedness
Not
Applicable.
3.C.
Reasons for the Offer and Use of Proceeds
Not
Applicable.
3.D.
Risk Factors
You
should carefully consider each of the following risks and all the other information contained in this 2023 20-F Report in evaluating
us and our common stock. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated.
Our business, financial condition, results of operations and cash flows could be materially and adversely affected by these risks, and,
as a result, the trading price of our common stock could decline. We have in the past been adversely affected by certain of, and may
in the future be affected by, these risks. You should not interpret the disclosure of any risk factor to imply that the risk has not
already materialized.
Risks
Relating to Our Business and Industry
We
are a marine fuel logistics company and rely on the permits and licenses of our suppliers for the actual delivery of marine fuel to our
customers. Under our business model, we are not involved in the handling of marine fuel or other chemicals. Therefore, we do not consider
ourselves directly subject to risks relating to environmental protection and hazard control.
Our
business scale largely depends on the trade credit provided by our suppliers. Any reduction or termination of trade credit from our suppliers
would adversely affect our business.
As
an established marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering facilitator
in the bunkering industry, we are generally required by our suppliers to settle the full payment of our orders with payment terms up
to 30 days.
We
constantly receive inquiries from customers for quotations and orders. However, due to our limited financial resources including but
not limited to trade credit offered by suppliers, we can only accept orders which are commercially viable to us. In seeking trade credit
from new suppliers or existing suppliers to maximize our capability for accepting orders, our suppliers will generally impose stringent
internal control policies to select approved customers, including assessing background information, financial information, quantity of
marine fuel to be purchased and taking references from credit reports. Therefore, we have to apply to suppliers to be their approved
customers prior to the commencement of any business relationships. There is no assurance that our applications will be approved.
In
general, the trade credit would be reviewed and assessed by suppliers from time to time. There is no assurance that our suppliers will
maintain the trade credit and/or credit terms offered to us. In the event that our suppliers decide to reduce or terminate the trade
credit and/or credit terms offered to us, our working capital would be insufficient thus our day-to-day operations would be adversely
affected.
1
We
are dependent on the orders from our top five customers during FY2022 and FY2023 and loss of any of them would adversely affect our business,
results of operations and profitability.
For
FY2022 and FY2023, the revenue from our five largest customers accounted for approximately 73.6% and 70.0%, respectively, of our total
revenue. Accordingly, we are heavily dependent on the relationships with our top five customers.
There
is no assurance that our top five customers will continue to use our services or that the Group can successfully maintain the relationship
with them in the future. In the event that the Group is unable to retain these customers or to successfully seek a replacement or the
major customer substantially reduces its demand for our services, our business, results of operations and profitability would be adversely
affected.
We
are susceptible to fluctuations in marine fuel prices. Any significant increase in marine fuel price may adversely affect our working
capital requirements and financial condition.
Marine
fuel prices may fluctuate out of our control due to, global economic conditions, changes in global crude oil prices, expected and actual
supply of and demand for marine fuel, political conditions, changes in laws and regulations related to environmental matters, changes
in pricing or production controls by the Organization of the Petroleum Exporting Countries (OPEC), technological advances affecting energy
consumption and supply, energy conservation efforts, price and availability of alternative fuels, and weather.
The
fluctuations in marine fuel prices may affect our working capital requirements. Since our operation scale is limited by our working capital,
for a given period of time, if the marine fuel prices increase, we could purchase less marine fuel from suppliers with the same level
of financial resources available to us. We are therefore vulnerable to such changes. In the event that there is a significant increase
in the price of marine fuel, we might require additional working capital in order to fulfil the same level of customers' needs
and our profitability may be adversely affected.
We
are exposed to the risk that our competitors may undercut marine fuel prices, which would adversely affect our Group's business
and financial results.
If
our competitors undercut marine fuel prices to increase their market share and we fail to effectively compete with them, customers may
choose to procure vessel refueling services from such competitors, causing a shortfall in our revenue that would adversely affect our
business and financial results due to such intensified competitive environment.
The
Group does not enter into long-term agreements with our customers and we cannot assume that our customers will continue to use our vessel
refueling services, nor can we accurately forecast future orders from our customers.
The
Group does not normally enter into agreements with customers under a term of over six months. They are not obliged to continue to use
our services at a level similar to that in the past or at all. The volume of their orders might vary significantly, and it is difficult
for us to forecast future orders accurately. Our customers' level of demand may fluctuate due to factors out of our control, such
as changes in their business strategies, purchasing preferences and product trends. If any of our major customers terminates its business
relationship with us, and we fail to secure new customers or new orders from other existing customers in a timely manner, our business
operations, financial performance and profitability would be adversely affected.
We
are dependent on our top five suppliers for the supply of marine fuel during FY2022 and FY2023 and loss of any of them would adversely
affect our business, results of operations and profitability.
For
FY2022 and FY2023, the amount of purchases from our five largest suppliers accounted for approximately 68.9% and 52.8%, respectively,
of our total cost of revenue; and the purchases from our largest supplier accounted for approximately 30.7% and 15.7% of total cost of
revenue, respectively. Accordingly, we are heavily dependent on the relationships with our five largest suppliers.
There
is no assurance that there will be no deterioration in our relationships with our five largest suppliers, which would have an impact
on our ability to secure future purchases of marine fuel. Any shortage of or delay in the supply of marine fuel by our five largest suppliers
would affect our ability to fulfil our customers' demands. As such, our customers may choose to procure vessel refueling services
from alternative service providers, causing a shortfall in our revenue that would adversely affect our business and financial results.
We
may be exposed to the credit risks of our customers while we remain subject to satisfying payment obligations to our suppliers, which
would adversely affect our financial condition.
Our
financial position and profitability are dependent to a large extent on the creditworthiness of our customers and their ability to settle
the outstanding amount owed to our Group in accordance with the credit periods we have granted to them. During FY2022 and FY2023, the
payment terms of our customers who are mainly international container liner operators, range from nil to 45 days. Meanwhile, the payment
terms to our suppliers range from nil to 30 days.
2
Should
we experience any delays or difficulties in collecting payments from our customers, while remaining obligated to satisfy our ongoing
payment obligations to our suppliers, we may be required to consider alternative sources of financing and/or defer on our own payment
obligations. This may have a negative impact on the Group's cash flow and we may have insufficient working capital to run our day-to-day
operations.
The
failure of delivery of marine fuel timely to our customers, which would adversely affect our Group's reputation, business, financial
condition, and results of operations.
We
arrange third parties to handle the physical distribution of marine fuel to vessels. The failure of third parties to physically deliver
the marine fuel in accordance with the contractual terms would arise from various causes, including but not limited to, interruption
of their business, such as, bunker barge engine failure with no alternative bunker barges available. We might need to arrange another
supplier to handle the physical delivery of marine fuel, which may cause a delay in meeting our customer's requirements. In the
event that no other supplier is available to handle the physical delivery, our relationship with our customers may be adversely affected
and we may be subject to claims and other liabilities, which, in turn, would have an adverse effect on our business, financial condition
and results of operations.
We
believe that the reputation we have built over the years serves a significant role in attracting customers and securing our customers'
orders. Whether or not we can maintain or promote our reputation depends largely on our ability to provide vessel refueling services
to our customers in a timely manner. If we fail to meet their needs or are unable to deliver marine fuel requested by them at the designated
port in a timely manner, our customers may no longer perceive our services to be of a high quality and our reputation would be adversely
affected. This will, in turn, adversely affect our business, financial condition and results of operations.
A
significant change in container liner schedules would have an adverse effect on our business.
Asia
Pacific and Europe are both the key regions of marine fuel consumptions with respectively, a market share of approximately 39.4% and
21.0% of global marine fuel consumption volume in 2023 driven by their significant share in the global trade and frequent business activities.
Most
of our revenue is from international container liner operators whose vessels sail on regular routes and schedules. In the event that
the regular routes, such as the Intra-Asia route, Euro-Asia route and Trans-Pacific route are shortened or suspended permanently or temporarily
or liner service schedules are less frequent which are beyond our control, the demand for marine fuel may significantly decrease and
our business may be adversely affected. In the event that the regular routes are replaced by other ports which fall outside our supply
network of 55+ ports in the Asia Pacific and Europe, that cover South Korea, China, Japan, Taiwan, Hong Kong, Philippines, Vietnam, Singapore,
Malaysia, Thailand, Turkey and Belgium, the demand for marine fuel for refueling may significantly decrease and our business would be
adversely affected.
Any
failure to maintain the license to carry on our international commodity trading business in the Federal Territory of Labuan, Malaysia
may adversely affect our business, operations and profitability.
Since
December 28, 2020, we have been holding a license issued by Labuan Financial Services Authority to carry on our international commodity
trading business under the Global Incentives for Trading Program for the supply of marine fuel. The license does not have an expiry date.
It is automatically renewed once we pay the license fees to the authority. However, if we fail to comply with the requirements or meet
certain criteria as stated in the conditional approval letter, Labuan Financial Services and Securities Act 2010, Labuan Business Activity
Tax Act 1990 and any of the relevant rules and regulations, where applicable, such license may be suspended or revoked or not be automatically
renewed. In such cases, our Malaysian subsidiary, Banle Marketing, may not be entitled to have tax incentives to lower its operational
costs, and our business, operations and profitability may be adversely affected.
3
We
may not be able to implement our business development strategies or expansion plans successfully.
The
successful implementation of our Group's business strategies including but not limited to the expansion into the bunkering market
in Europe is subject to various uncertainties and contingencies, such as the growth of the market, availability of funds, competition
and government policies. Factors such as the relationships with our customers and suppliers, the global economic conditions, the availability
of sufficient working capital and cash flows, the threat of competitors and substitutes, new market entrants, an economic downturn or
changes in market conditions or performance, may delay or impede the implementation of our Group's business strategies. Any delay
or failure to successfully implement our Group's business strategies may result in the loss in sales and failure to meet profit
projections, any of which may adversely affect our Group's business, operating results and financial condition.
We
may be involved in disputes and/or legal proceedings arising from our operations from time to time and may face significant legal liabilities
as a result.
We
may be involved in disputes with and subject to claims from, among others, our employees, customers, suppliers and other parties from
time to time in respect of various matters, including delay in delivery, complaints about the quality of marine fuel and personal injury
which may lead to claims for damages against us.
There
is no assurance that we may be able to resolve every instance of a dispute by way of negotiation and/or mediation with the relevant parties.
If we fail to do so, it may lead to legal and other proceedings against us, and consequently we may have to incur significant expenses
to defend ourselves or initiate proceedings against other parties to protect our interest. Furthermore, if we fail to obtain favorable
outcomes in such proceedings, we may be liable to pay significant amounts of damages which may adversely affect our operations and financial
results.
Failure
to adapt to market trends in the bunkering industry would adversely affect our business.
Alternative
fuels, such as biofuel, liquefied natural gas (the "LNG"), liquefied petroleum gas (the "LPG"), methanol, ammonia,
and hydrogen, are becoming more common in the shipping industry.
In
addition, governments could enact legislation or regulations that attempt to control or limit greenhouse gas emissions such as carbon
dioxide. Such laws or regulations could impose costs tied to carbon emissions, operational requirements or restrictions, or additional
charges to fund energy efficiency activities. They could also provide a cost advantage to alternative fuels, impose costs or restrictions
on end users of marine fuel, or result in other costs or requirements, such as costs associated with the adoption of new infrastructure
and technology to respond to new mandates. The options to comply with tightened environmental protection laws may include switching to
alternative fuels. If alternative fuels become the major marine fuel in the future, there is no assurance that we would be able to adapt
to such trend and our business and financial results would be adversely affected.
Change
in regulation resulting our suppliers and customers being required to obtain various permits and/or licenses would adversely affect our
business.
We
provide marine fuel logistic services through various ports in the Asia Pacific and Europe, and we would be adversely affected by changes
in regulations in the countries and regions where our suppliers and customers are registered. If the relevant governmental departments
or organizations release new laws and regulations for the industries in their countries or regions where our suppliers and customers
operate, various permits and/or licenses need to be granted and maintained upon their compliance with, amongst others, the applicable
criteria set by the relevant governmental departments or organizations. Such criteria may include continued compliance with certain financial,
technical and management requirements and the standards of compliance required thereto may change from time to time and we may be required
to suspend our operations and may not be able to deliver vessel refueling services due to the inability of our suppliers and customers
to obtain and maintain the relevant permits and/or licenses. There are circumstances which are out of our control and may affect our
suppliers and customers' ability to obtain and/or maintain such permits and/or licenses or lead to a suspension or demotion of
such permits, licenses and/or qualifications.
Furthermore,
the validity of these permits and/or licenses may last for a limited period of time and may be subject to periodic reviews and renewal
by the relevant governmental departments or organizations. The failure for our suppliers and customers to obtain and maintain the relevant
permits and/or licenses will, in turn, indirectly adversely affect our business.
4
Information
technology failures and data security breaches would have an adverse effect on our business, financial condition, and results of operations.
We
rely upon our information technology and communications systems to support key business functions and the efficient operation of these
systems is critical to our business. Our information technology systems, including our back-up systems and external cloud services, could
be damaged or interrupted by power outages, computer or telecommunications failures, viruses, security breaches, natural disasters, and/or
errors by our employees, service providers or vendors.
A
significant disruption in the functioning of these systems could damage our reputation, impair our ability to conduct our business, impact
our credit and risk exposure decisions, cause us to lose customers, subject us to litigation and/or require us to incur significant expense
to address and remediate or otherwise resolve these issues, which would have an adverse effect on our business, financial condition and
results of operations.
We
operate in a highly competitive industry, and failure to compete efficiently would adversely affect our operations and financial results.
The
bunkering industry in the Asia Pacific and Europe is highly competitive and fragmented. Other bunkering facilitators and bunkering arms
of oil majors or traders may also engage in provision of vessel refueling services across the Asia Pacific and Europe. We consider our
main competitors to be other bunkering facilitators, but we also face competition from local physical distributors that supply marine
fuel directly to ship operators. The keen competition might result in a loss of market share which would have an adverse effect on our
business, financial condition and results of operations.
Global
economic development and the level of international trade are critical factors affecting the demand for marine fuel, and a decline in
international trade would adversely affect our business, financial condition, and results of operations.
Global
demand for marine fuel is primarily driven by the level of activity in the marine transportation industry, in particular the number of
vessels active at sea and the size of order books for new vessels. Economic downturns in one or more countries or regions, particularly
in Asia, the European Union, the United States and other countries and regions with consumer-oriented economies, have in the past, and
could in the future, reduce international trade volumes, which directly affects the demand for shipping services, and, in turn, the demand
for marine fuel. Any reduction in demand for marine fuel would adversely affect our business, financial condition and results of operations.
Our
networks and those of our third-party service providers may be vulnerable to cybersecurity risks.
Our
network and those of our third-party service providers and our customers may be vulnerable to unauthorized access, computer attacks,
viruses and other security problems. Persons who circumvent security measures could wrongfully access and obtain or use information on
our network or cause service interruptions, delays or malfunctions in our devices, services or operations, any of which could harm our
reputation, cause demand for our products and services to fall, and compromise our ability to pursue our business plans. Recently, there
have been reported several significant, widespread security attacks and breaches that have compromised network integrity for many companies
and governmental agencies, in some cases reportedly originating from outside the United States. In addition, there are reportedly private
products available on the market today that may attempt to unlawfully intercept communications made using our network. We may be required
to expend significant resources to respond to, contain, remediate, and protect against these attacks and threats, including compliance
with applicable data breach and security laws and regulations, and to alleviate problems, including reputational harm and litigation,
caused by these security incidents. Although we have implemented and intend to continue to implement security measures, these measures
may prove to be inadequate. These security incidents could have a significant effect on our systems, devices and services, including
system failures and delays that could limit network availability, which could harm our business and our reputation and result in substantial
liability.
5
Risks
Relating to Doing Business in the Jurisdictions We Operate
Economic,
political, and other risks associated with operations in the countries in which we operate may adversely affect our business, financial
condition and operations.
Since
we provide a one-stop solution for vessel refueling in the Asia Pacific and Europe, our business is subject to risks associated with
conducting business in the countries in which we operate. Our business, financial condition and results of operations would be adversely
affected by a variety of factors, including:
●
trade
    protection measures which would increase our costs or prevent us from continuing certain of our operations;
●
the
    costs of hiring and retaining management for our operations;
●
difficulty
    in managing widespread operations, which would affect our operations;
●
unexpected
    changes in regulatory requirements, which would be costly and require significant time to implement;
●
laws
    restricting us from repatriating profits earned from our activities within foreign countries, including the payment of distributions;
●
governmental
    actions that may result in the deprivation of our contractual rights or the inability to obtain or retain authorizations required
    to conduct our business;
●
political
    risks specific to foreign jurisdictions; and
●
terrorism,
    war, civil unrest and natural disasters.
Changes
in the economic and political policies of the PRC government might adversely affect our business.
During
FY2022 and FY2023, part of our revenue was generated from arranging the delivery of marine fuel in ports located in the PRC. Accordingly,
our business, results of operations, financial condition and prospects are subject to economic, political and legal conditions in the
PRC. The economy of the PRC is affected by, among others, government regulation, the level of development, growth rate and the allocation
of resources. Any changes in the political, economic and social conditions of the PRC may affect our business.
Introduction
of new laws or changes to existing laws by the PRC government in relation to our customers and suppliers may affect our business in the
PRC. There is no assurance that the PRC authorities will not issue further directives, regulations, clarifications or implementation
rules requiring our suppliers to obtain further approvals to carry out physical delivery of marine fuel in the PRC or requiring our customers
to obtain approvals to purchase marine fuel in the PRC. Such changes in laws or policies in the PRC may adversely affect the business
of our customers and suppliers and, in turn, adversely affect our business, financial condition and results of operations.
Our
Group may be subject to tax audit and investigation in Malaysia.
The
Malaysia tax regime utilizes a self-assessment system. Companies in Malaysia have legal obligations to make self-assessment on the tax
payable and file necessary tax returns annually with their remittance of tax. The Malaysian Inland Revenue Board is empowered by the
Malaysian Income Tax Act 1967 to carry out audit and investigation on persons chargeable to determine, inter alia, whether their tax
returns are accurate and complete. The Malaysian Income Tax Act 1967 also empowers the Malaysian Inland Revenue Board to impose additional
tax and/or penalties on persons chargeable if the Malaysian Inland Revenue Board determines that the persons chargeable are in fact subject
to more tax payables than are reported in the self-assessed tax returns.
Our
Group calculates the amount of taxes and makes payment thereof in accordance with the applicable tax laws. Our Group may be subject to
additional taxes or penalties if the Malaysian Inland Revenue Board has a different view from us with respect to our self-assessed tax
in our filed tax returns. In the event that the Malaysian Inland Revenue Board imposes additional tax or penalties on our Group, our
profit may decrease and consequently our financial results may be adversely affected.
6
Risks
Relating to Doing Business in China
Our
operations are based in Malaysia, Hong Kong and Singapore. Part of our operations are conducted by our Hong Kong operating subsidiary,
namely Banle Energy HK. We do not conclude and book any transactions in China. All of our transactions for vessel refueling services
were concluded in Hong Kong, Malaysia and Singapore and our revenue were booked under our subsidiaries established in Hong Kong, Malaysia
or Singapore. Although we deliver our services through our suppliers mainly in China and Hong Kong, nearly all our customers are international
container liner operators from outside of China and Hong Kong. We have a subsidiary that is established in China, namely Majestic Energy,
which is currently dormant and does not have operations, and we do not intend to conduct any operation through Majestic Energy in the
future. Although we have equity ownership of Banle Energy HK and Majestic Energy (which is dormant) and currently do not have or intend
to have any operating subsidiary that is established in China, or any contractual arrangement to establish a variable interest entity
structure with any entity in China, we may still be subject to unique risks due to uncertainty about any future actions of the Chinese
government or authorities in Hong Kong in relation to business operations in China or Hong Kong, or regulatory oversight of overseas
listing of companies with operations in China or Hong Kong.
We
do not maintain any office in China and none of our directors and officers are based in China. However, a major part of our operations
is based in Hong Kong, a Special Administrative Region of China. Although Hong Kong has its own governmental and legal system that is
independent from China, it is uncertain whether in the future the Hong Kong government will implement regulations and policies of the
Chinese government or adopt regulations and policies of its own that are substantially the same as those of the Chinese government. Moreover,
given that changes in policies, regulations, rules, and the enforcement of laws of the Chinese government may be quick with little advance
notice, it is also uncertain in the future whether our operations in Hong Kong will be subject to the oversight of the Chinese authorities.
We
may be subject to the following risks that are specific to doing business in China.
Depending
on the needs of our target customers whose sailing routes cover different ports worldwide, we need to provide marine fuel logistic services
through ports in the PRC. Therefore, our business may be subject to complex and rapidly evolving laws and regulations there. The Chinese
government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations
at any time, which could result in a material change in our operations and/or the value of our securities.
Depending
on the needs of our target customers whose sailing routes cover different ports worldwide, we need to provide marine fuel logistic services
through ports in the PRC. Therefore, we may be subject to the laws and regulations of the PRC, which can be complex and evolve rapidly.
The PRC government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations
to which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation,
and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and regulations may
be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices.
New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated
inquiries or investigations or any other government actions may:
●
Delay
    or impede our development,
●
Result
    in negative publicity or increase our operating costs,
●
Require
    significant management time and attention, and
●
Subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.
The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our ordinary shares.
7
China's
economic, political and social conditions, as well as changes in any government policies, laws and regulations, could have a material
adverse effect on our business.
Depending
on the needs of our target customers whose sailing routes cover different ports worldwide, we may need to provide marine fuel logistic
services through ports in the PRC. Accordingly, our business, financial condition, results of operations, prospects and certain transactions
we may undertake may be subject to economic, political and legal developments in China.
China's
economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level
of development, growth rate, control of foreign exchange and allocation of resources. Although China's economy has been transitioning
from a planned economy to a more market-oriented economy since the late 1970s, the PRC government continues to play a significant role
in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over China's
economic growth through allocating resources, controlling the incurrence and payment of foreign currency-denominated obligations, setting
monetary policy and providing preferential treatment to particular industries or companies. Changes in any of these policies, laws and
regulations could adversely affect the economy in China and could have a material adverse effect on our business.
The
PRC government has implemented various measures to encourage foreign investment and sustainable economic growth and to guide the allocation
of financial and other resources. However, we cannot assure you that the PRC government will not repeal or alter these measures or introduce
new measures that will have a negative effect on us. China's social and political conditions may change and become unstable. Any
sudden changes to China's political system or the occurrence of widespread social unrest could have a material adverse effect on
our business and results of operations.
In
the event that we rely on dividends and other distributions on equity paid by our PRC or Hong Kong subsidiaries to fund any cash and
financing requirements we may have, any limitation on the ability of our PRC or Hong Kong subsidiaries to make payments to us could have
a material and adverse effect on our ability to conduct our business.
Our
PRC subsidiary, Majestic Energy, is dormant and does not have operations or assets. Since it has no earnings and profits, it has not
distributed and will not distribute any dividends. In general, our PRC subsidiary' ability to distribute dividends is based upon
their distributable earnings. Current PRC regulations permit our PRC subsidiary to pay dividends to its shareholders only out of its
accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, our PRC subsidiary,
as a Foreign Invested Enterprise, or FIE, is required to draw 10% of its after-tax profits each year, if any, to fund a common reserve,
which may stop drawing its after-tax profits if the aggregate balance of the common reserve has already accounted for over 50 percent
of its registered capital. These reserves are not distributable as cash dividends. If our PRC subsidiary incurs debt on its own in the
future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. Any limitation on
the ability of our PRC subsidiary to distribute dividends or other payments to its shareholders could materially and adversely limit
our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct
our business.
The
Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends
payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are incorporated.
Under
Hong Kong law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized
losses) or other distributable reserves. Dividends cannot be paid out of share capital. Under the current practice of the Inland Revenue
Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
Any
limitation on the ability of our PRC or Hong Kong subsidiaries to pay dividends or make other distributions to us could materially and
adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise
fund and conduct our business.
8
To
the extent cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may
not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.
As
of the date of this report, there were no cash flows between CBL International or Banle BVI and our subsidiaries. However, we may in
the future depend on dividends and other distributions on equity paid by our PRC and Hong Kong subsidiaries or depend on our assets located
in China or Hong Kong for our cash and financing requirements. The PRC government imposes controls on the convertibility of the Renminbi
into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in availability of foreign currency
may then restrict the ability of our PRC subsidiary to remit sufficient foreign currency to our offshore entities for our offshore entities
to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations. Therefore, to the extent
cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may not be available
to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations
on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.
The
PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting processes may be put forward
by the State Administration of Foreign Exchange of the PRC ("SAFE") for cross-border transactions. Any limitation on the
ability of our PRC and Hong Kong subsidiaries to pay dividends or make other kinds of payments to us could materially and adversely limit
our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct
our business.
PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion
may delay us from using the proceeds of the IPO to make loans or additional capital contributions to our PRC or Hong Kong subsidiaries,
which could materially and adversely affect our liquidity and our ability to fund and expand our business.
Any
funds we transfer to our PRC subsidiary, Majestic Energy, either as a shareholder loan or as an increase in registered capital, are subject
to approval by or registration with relevant governmental authorities in China. According to the relevant PRC regulations on foreign-invested
enterprises, or FIEs, in China, capital contributions to our PRC subsidiary are subject to the approval of or filing with the Ministry
of Commerce, or MOFCOM or its local branches and registration with a local bank authorized by the State Administration of Foreign Exchange,
or SAFE. In addition, (i) a foreign loan of less one year duration procured by our PRC subsidiary is required to be registered with SAFE
or its local branches and (ii) a foreign loan of one year duration or more procured by our PRC subsidiary is required to be applied to
the NDRC in advance for undergoing recordation registration formalities. Any medium or long-term loan to be provided by us to our PRC
subsidiary must be registered with the NDRC and the SAFE or its local branches. We may not be able to complete such registrations on
a timely basis, with respect to future capital contributions or foreign loans by us to our PRC subsidiary. Since Majestic Energy is currently
dormant, we have no intention to transfer any funds to, or use the proceeds of the IPO to fund, Majestic Energy, but in the unlikely
event that we decide otherwise in the future and if we fail to complete such registrations, our ability to capitalize our operations
through Majestic Energy may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our
business.
Currently
our Hong Kong subsidiaries do not need to obtain approval from or register with governmental authorities in China or in Hong Kong in
order to raise capital, but it is unclear if the PRC or Hong Kong authorities will in the future interpret the abovementioned regulations
in a way that will subject Hong Kong companies to the same restrictions as a PRC company. If the abovementioned regulations is applied
by the authorities to our Hong Kong subsidiaries, our ability to capitalize our operations through our Hong Kong subsidiaries may be
negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.
9
On
March 30, 2015, the SAFE promulgated the Circular on Reforming the Management Approach Regarding the Foreign Exchange Capital Settlement
of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect as of June 1, 2015. SAFE Circular 19 launched a nationwide reform
of the administration of the settlement of the foreign exchange capitals of FIEs and allows FIEs to settle their foreign exchange capital
at their discretion but continues to prohibit FIEs from using the Renminbi fund converted from their foreign exchange capital for expenditure
beyond their business scopes, providing entrusted loans or repaying loans between nonfinancial enterprises. The SAFE issued the Circular
on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or SAFE Circular 16, effective
in June 2016. Pursuant to SAFE Circular 16, enterprises registered in China may also convert their foreign debts from foreign currency
to Renminbi on a self-discretionary basis. SAFE Circular 16 provides an integrated standard for conversion of foreign exchange under
capital account items (including but not limited to foreign currency capital and foreign debts) on a self-discretionary basis which applies
to all enterprises registered in China. SAFE Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated
capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations,
while such converted Renminbi shall not be provided as loans to its non-affiliated entities. As this circular is relatively new, there
remains uncertainty as to its interpretation and application and any other future foreign exchange-related rules. Violations of these
Circulars could result in severe monetary or other penalties, which may adversely affect our business, financial condition and results
of operations. If Safe Circulars 16 and 19 are interpreted to apply to the Hong Kong Dollar, our ability to use Hong Kong Dollars converted
from the net proceeds from our offshore financing activities to fund the establishment of new entities in Hong Kong, to invest in or
acquire any other Hong Kong or PRC companies may be limited, which may adversely affect our business, financial condition and results
of operations.
Certain
PRC regulations may make it more difficult for us to pursue growth through acquisitions.
Among
other things, the M&A Rules and Anti-Monopoly Law of the People's Republic of China promulgated by the Standing Committee of
the NPC which became effective in 2008 ("Anti-Monopoly Law"), established additional procedures and requirements that could
make merger and acquisition activities by foreign investors more time-consuming and complex. Such regulation requires, among other things,
that State Administration for Market Regulation (SAMR) be notified in advance of any change-of-control transaction in which a foreign
investor acquires control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under
the Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators, issued by the State Council
in 2008, are triggered. Moreover, the Anti-Monopoly Law requires that transactions which involve the national security, the examination
on the national security shall also be conducted according to the relevant provisions of the United States. In addition, PRC Measures
for the Security Review of Foreign Investment which became effective in January 2021 require acquisitions by foreign investors of PRC
companies engaged in military-related or certain other industries that are crucial to national security be subject to security review
before consummation of any such acquisition. We may pursue potential strategic acquisitions that are complementary to our business and
operations.
Complying
with the requirements of these regulations to complete such transactions could be time-consuming, and any required approval processes,
including obtaining approval or clearance from the MOFCOM, may delay or inhibit our ability to complete such transactions, which could
affect our ability to expand our business in the PRC.
Economic
substance legislation of the Cayman Islands may impact on us and our operations.
The
Cayman Islands, together with several other non-European Union jurisdictions, has recently introduced legislation aimed at addressing
concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without
real economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Law, 2018, or the Substance
Law, and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements
for "relevant entities" which are engaged in certain "relevant activities," which in the case of exempted companies
incorporated before January 1, 2019, will apply in respect of financial years commencing July 1, 2019 and onwards. A "relevant
entity" includes an exempted company incorporated in the Cayman Islands, as is the Company; however, it does not include an entity
that is tax resident outside of the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside of the Cayman Islands,
we are not required to satisfy the economic substance test set out in the Substance Law. Although it is presently anticipated that the
Substance Law will have little material impact on us and our operations, as the legislation is new and remains subject to further clarification
and interpretation, it is not currently possible to ascertain the precise impact of these legislative changes on us and our operations.
10
Risks
Relating to Our Securities
An
active trading market for the ordinary shares on Nasdaq might not develop or be sustained, their trading prices might fluctuate significantly
and the liquidity of our ordinary shares would be materially affected.
We
cannot assure you that an active trading market for the ordinary shares on Nasdaq will develop or be sustained. If an active trading
market of our ordinary shares on Nasdaq does not develop or is not sustained, the market price and liquidity of our ordinary shares could
be materially and adversely affected.
Our
existing shareholders will continue to have substantial control over us, which could severely limit the ability of our other shareholders
to influence matters requiring shareholder approval and, as a result, we may take actions that our other shareholders do not view as
beneficial.
CBL
(Asia) Limited, a company controlled by Teck Lim Chia, our director and Chief Executive Officer, and Straits Energy Resources Berhad,
the two largest shareholders of our company, beneficially own approximately 52.7% and 32.3%, respectively, of our outstanding ordinary
shares. In particular, we expect that CBL (Asia)'s significant ownership interest will allow it to continue to exert a significant
degree of influence or actual control over our management and affairs and over matters requiring shareholder approval, including the
appointment of directors, a merger, consolidation or sale of all or substantially all of our assets and other significant business or
corporate transactions. This concentrated control will limit the ability of other shareholders to influence corporate matters and, as
a result, we may take actions that our other shareholders do not view as beneficial. For example, this concentration of ownership could
have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain
control of us, which in turn could cause the market price of our equity shares to decline or prevent such price from increasing or prevent
our shareholders from realizing a premium over the market price for their equity shares. Moreover, in respect of the lock-up agreement
for a period of 180 days from the closing of the IPO as entered into by CBL (Asia) and Straits Energy Resources Berhad in relation to
their shareholding on us, the lock-up period has already ended on September 23, 2023. Our issued shares held by CBL (Asia) and Straits
Energy Resources Berhad are classified as restricted shares according to SEC regulations. Accordingly, the equity shares held by you
may be worth less than they would be if CBL (Asia) and/or Straits Energy Resources Berhad did not maintain voting control over us.
The
trading price of our ordinary shares may be volatile, which could result in substantial losses to investors.
The
trading price of our ordinary shares is likely to be volatile and could fluctuate widely due to factors beyond our control. For instance,
securities markets may from time-to-time experience significant price and volume fluctuations that are not related to our operating performance,
which may have a material adverse effect on the market price of our ordinary shares. In addition, the price and trading volume of our
ordinary shares may be highly volatile due to multiple factors, including the following:
●
regulatory
    developments affecting us or our industry;
●
announcements
    of studies and reports relating to the quality of our service offerings or those of our competitors;
●
changes
    in the economic performance or market valuations of other service providers in the bunkering industry;
●
actual
    or anticipated fluctuations in our results of operations and changes or revisions of our expected results;
●
changes
    in financial estimates by securities research analysts;
●
conditions
    in the bunkering industry;
●
announcements
    by us or our competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures, capital raisings
    or capital commitments;
●
additions
    to or departures of our senior management;
●
the
    expiration of the lock-up period on September 23, 2023 (Our issued shares held by CBL (Asia) and Straits Energy Resources Berhad
    are classified as restricted shares according to SEC regulations); and
11
●
sales
    or perceived potential sales of additional ordinary shares.
We
may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects,
making it difficult for prospective investors to assess the rapidly changing value of our ordinary shares.
Our
ordinary shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. The U.S.
stock market has witnessed occasional instances of extreme stock price run-ups followed by rapid price declines and strong stock price
volatility with initial public offerings, especially among those with relatively smaller public floats, and such stock price volatility
was seemingly unrelated to the respective company's underlying performance. As a relatively small-capitalization company with relatively
small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity
than large-capitalization companies. Although the specific cause of such volatility may be unclear, our anticipated public float may
amplify the impact of the actions taken by a few stockholders have on the price of our stock, which may cause our stock price to deviate,
potentially significantly, from a price that better reflects the underlying performance of our business. The potential extreme volatility
may confuse public investors regarding the value of our shares, distort the market perception of our share price and our company's
financial performance and public image, and negatively affect the long-term liquidity of our ordinary shares, regardless of our actual
or expected operating performance. Should our ordinary shares experience run-ups and declines that are seemingly unrelated to our actual
or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly
changing value of our ordinary shares. In addition, investors of our ordinary shares may experience losses, which may be material if
such investors purchase our ordinary shares prior to any price decline.
We
may fail to meet our publicly announced guidance or other expectations about our business, which could cause our stock price to decline.
We
may provide from time-to-time guidance regarding our expected financial and business performance. Correctly identifying key factors affecting
business conditions and predicting future events is inherently an uncertain process, and our guidance may not ultimately be accurate
in all respects. Our guidance is based on certain assumptions, such as those relating to anticipated sales volumes, average sales prices,
supplier and commodity costs, and planned cost reductions. If our guidance varies from actual results, the market value of our ordinary
shares could decline significantly.
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market
price for our ordinary shares and trading volume could decline.
The
trading market for our ordinary shares will depend in part on the research and reports that securities or industry analysts publish about
us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who
cover us downgrade our ordinary shares or publish inaccurate or unfavorable research about our business, the market price for our ordinary
shares would likely decline. If one or more of these analysts cease coverage of our Company or fail to publish reports on us regularly,
we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume of our ordinary shares
to decline.
Our
management has significant discretion over use of proceeds of the IPO.
While
we have identified the priorities to which we expect to put the proceeds of the IPO, our management will have considerable discretion
in the application of the net proceeds received by us. We have reserved the right to re-allocate funds to our general working capital.
If that were to happen, then our management would have significant discretion over even more of the net proceeds received by us in the
IPO. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.
You must rely on the judgment of our management regarding the application of the net proceeds of the IPO. The net proceeds may be used
for corporate purposes that do not improve our efforts to achieve profitability or increase our stock price. The net proceeds from the
IPO may be placed in investments that do not produce profit or increase value.
12
We
are a foreign private issuer and, as a result, will not be subject to U.S. proxy rules and will be subject to more lenient and less frequent
Exchange Act reporting obligations than a U.S. issuer.
We
report under the Securities Exchange Act as a foreign private issuer. Because we qualify as a foreign private issuer under the Exchange
Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. public companies, including:
●
the
    sections of the Exchange Act that regulate the solicitation of proxies, consents or authorizations in respect of a security registered
    under the Exchange Act;
●
the
    sections of the Exchange Act that require insiders to file public reports of their stock ownership and trading activities and impose
    liability on insiders who profit from trades made in a short period of time; and
●
the
    rules under the Exchange Act that require the filing of quarterly reports on Form 10-Q containing unaudited financial and other specified
    information and current reports on Form 8-K upon the occurrence of specified significant events.
In
addition, foreign private issuers are not required to file their annual report on Form 20-F until 120 days after the end of each fiscal
year, while U.S. domestic issuers that are not large accelerated filers or accelerated filers are required to file their annual report
on Form 10-K within 90 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation FD, aimed at preventing
issuers from making selective disclosures of material information. As a result, you may not have the same protections afforded to shareholders
of companies that are not foreign private issuers.
We
incurred increased costs as a result of being a public company, and will continue to incur increased costs particularly after we cease
to qualify as an "emerging growth company."
We
become a public company in March 2023 and incurred significant legal, accounting and other expenses that we did not incur as a private
company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements
on the corporate governance practices of public companies. As a Company with less than $1.07 billion in revenues for our last fiscal
year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage
of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include
exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging
growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards
until such time as those standards apply to private companies.
We
expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming
and costly. After we are no longer an "emerging growth company", we expect to incur significant expenses and devote substantial
management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules
and regulations of the SEC. For example, as a result of becoming a public company, we need to increase the number of independent directors
and adopt policies regarding internal controls and disclosure controls and procedures. Operating as a public company also make it more
difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy
limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we incur additional costs
associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on
our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules
and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing
of such costs.
In
the past, shareholders of a public company often brought securities class action suits against the company following periods of instability
in the market price of that company's securities. If we were involved in a class action suit, it could divert a significant amount
of our management's attention and other resources from our business and operations, which could harm our results of operations
and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.
13
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
As
discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business
day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 30, 2023. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting
securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents. If we
lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S.
domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have
to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject
to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability
to rely upon exemptions from certain corporate governance requirements under the Nasdaq rules. As a U.S. listed public company that is
not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign
private issuer.
As
an "emerging growth company" under the Jumpstart Our Business Startups Act, or JOBS Act, we are permitted to, and intend
to, rely on exemptions from certain disclosure requirements.
As
an "emerging growth company" under the JOBS Act, we are permitted to, and intend to, rely on exemptions from certain disclosure
requirements. We are an emerging growth company until the earliest of:
●
the
    last day of the fiscal year during which we have total annual gross revenues of $1.07 billion or more;
●
the
    last day of the fiscal year following the fifth anniversary of the IPO;
●
the
    date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or
●
the
    date on which we are deemed a "large accelerated issuer" as defined under the federal securities laws.
For
so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that
are applicable to public companies that are not "emerging growth companies" including, but not limited to, not being required
to comply with the auditor attestation requirements of section 404 of the Sarbanes-Oxley Act for up to five fiscal years after the date
of the IPO. We cannot predict if investors will find our ordinary shares less attractive because we may rely on these exemptions. If
some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares
and the trading price of our ordinary shares may be more volatile. In addition, our costs of operating as a public company may increase
when we cease to be an emerging growth company.
Economic
substance legislation of the Cayman Islands may impact us and our operations.
The
Cayman Islands, together with several other non-European Union jurisdictions, has introduced legislation aimed at addressing concerns
raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real
economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Law, 2018, or the Substance
Law, and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements
for "relevant entities" which are engaged in certain "relevant activities," which in the case of exempted companies
incorporated before January 1, 2019, will apply in respect of financial years commencing July 1, 2019 and onwards. A "relevant
entity" includes an exempted company incorporated in the Cayman Islands, as is the Company; however, it does not include an entity
that is tax resident outside of the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside of the Cayman Islands,
we are not required to satisfy the economic substance test set out in the Substance Law. Although it is presently anticipated that the
Substance Law will have little material impact on us and our operations, as the legislation is new and remains subject to further clarification
and interpretation, it is not currently possible to ascertain the precise impact of these legislative changes on us and our operations.
14
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited because
we are incorporated under Cayman Islands law.
We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands. Our corporate affairs are governed
by our memorandum and articles of association, the Companies Act (Revised) of the Cayman Islands and the common law of the Cayman Islands.
The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our
directors to us under the Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of
the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common
law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The
rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they
would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands have a less
developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially
interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate
a shareholder derivative action in a federal court of the United States.
There
is uncertainty as to whether the courts of the Cayman Islands would:
●
recognize
    or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws;
    and
●
entertain
    original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws
    of the United States or any state in the United States.
There
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated
upon, provided such judgment:
(a)
is
    given by a foreign court of competent jurisdiction;
(b)
imposes
    on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;
(c)
is
    final;
(d)
is
    not in respect of taxes, a fine or a penalty;
(e)
was
    not obtained by fraud; and
(f)
is
    not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.
Subject
to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of
final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.
Moreover,
while under Delaware law, controlling shareholders owe fiduciary duties to the companies they control and their minority shareholders,
under Cayman Islands law, our controlling shareholders do not owe any such fiduciary duties to our company or to our minority shareholders.
Accordingly, our controlling shareholders may exercise their powers as shareholders, including the exercise of voting rights in respect
of their shares, in such manner as they think fit.
15
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than
the memorandum and articles of association) or to obtain copies of lists of shareholders of these companies. We have discretion under
our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders,
but are not obligated to make them available to our shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. Currently, we do not plan to rely on home country practices with respect
to any corporate governance matter. To the extent we choose to follow home country practices with respect to corporate governance matters,
our shareholders may be afforded fewer protections than they otherwise would under rules and regulations applicable to U.S. domestic
issuers.
As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States.
Certain
judgments obtained against us by our shareholders may not be enforceable.
We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands and substantially all of our assets
are located outside of the United States. Substantially all of our current operations are conducted in Malaysia and Hong Kong. In addition,
most of our current directors and officers are nationals and residents of countries other than the United States: a majority of our directors
and officers (including our Chairman and Chief Executive Officer, Mr. Teck Lim Chia, our directors Mr. Logeswaran Ramasamy and Dato'
Sri Kam Choy Ho, and three of our independent directors Ms. Karen Yee Lynn Cheah, Mr. Koon Liang Ong and Mr. Khai Fei Wong) are permanent
residents of Malaysia; Mr. Ulf Lothar Naujeck, our independent director, is a permanent resident of Germany; and Mr. Raymond Sing Chung
Chiu, our Chief Financial Officer, is a permanent resident of Hong Kong. Substantially all of the assets of these persons are located
outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals
in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise.
It may be difficult for you to effect service of process within the United States upon us or these persons, or to enforce judgments obtained
in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United
States or any state in the United States. A judgment of a United States court for civil liabilities predicated upon the federal securities
laws of the United States may not be enforceable in or recognized by the courts of the jurisdictions where our directors and officers
reside, and the judicial recognition process may be time-consuming. It may be difficult for you to enforce judgments obtained in U.S.
courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors. Even if
you are successful in bringing an action of this kind, the laws of the Cayman Islands and of Malaysia or Hong Kong may render you unable
to enforce a judgment against our assets or the assets of our directors and officers.
ITEM
    4.
INFORMATION
    ON THE COMPANY
4.A.
History and Development of the Company
We
were incorporated on February 8, 2022 in the Cayman Islands under Cayman Islands law under the name "CBL International Limited".
Pursuant to a reorganization of our corporate structure in August 2022, CBL International Limited became the holding company of Banle
BVI and its subsidiaries.
The
history of our Group can be traced back to 2015 when Banle Energy HK was incorporated in Hong Kong. Mr. Teck Lim Chia, our founder, has
over 16 years of experience in the oil and gas related industries and business management. Before founding our Group in 2015, he was
employed by BrightOil Group, a company based in Shenzhen, PRC which was principally engaged in fuel oil business from April 2006 to June
2008, with his last position as the general director. From June 2008 to September 2011, he served as an executive director of BrightOil
Group's listing company on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") and undertook the
role of developing the company's international business and network. From October 2011 to January 2017, Mr. Chia served as a director
of an oil trading company. Mr. Chia has significant experience in overall operations, management and strategic planning in relation to
the provision of vessel refueling services.
16
With
the insight of our founder and the joint efforts of our management team, despite our relatively short history, our Group managed to expand
our vessel refueling services in a rapid manner. Prior to the Group's listing on Nasdaq on March 23, 2023, geographically, we focused
mainly on the Asia Pacific where we were able to provide vessel refueling services in approximately 36+ ports in the region. Subsequent
to the listing on Nasdaq, because of the availability of additional financial resources, the Group continued to obtain more new customers
in the Asia Pacific and at the same time, proceeded on the expansion of our services to Europe by taking pro-active measures including,
amongst the others, the establishment of two companies in Dublin of Ireland. By the end of FY2023, our supply network had been expanded
to include approximately 55+ ports in the Asia Pacific and Europe covering South Korea, China, Japan, Taiwan, Hong Kong, Philippines,
Vietnam, Singapore, Malaysia, Thailand, Turkey and Belgium.
As
at the end of FY2023, our Group comprises our Company, Banle BVI, Banle China, Banle Energy HK, Banle Europe, Banle Ireland, Banle Malaysia,
Banle Marketing, Majestic Energy, Majestic Energy (Singapore) and Reliance HK.
4.B.
Business Overview
Brief
introduction
We
are an established marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering
facilitator in the bunkering industry. We facilitate vessel refueling between ship operators and local physical distributors/traders
by purchasing marine fuel, including both fossil fuel and alternative fuel, from our suppliers and arranging for the marine fuel to be
delivered by the suppliers to our customers.
Customer
Focus
All
along, world renowned container liner operators have been identified as our major customers. Container liner operators have a property
of providing liner services on a schedule with fixed port rotation and fixed frequency, which, like bus operation, goes on fixed routes
and calls at fixed stops. So long as we can provide vessel refueling services in as many ports as possible, we are able to provide more
and more options to the liner operators to fulfill their day-to-day vessel refueling needs. Based on this belief, the continual expansion
of our supply network naturally becomes our business development strategy. In recent years, other than the container liner operators,
we have started to expand our customer base by exploring more opportunities with the bulk carriers and oil/gas tankers, which, unlike
container liners, usually run on port-to-port basis. Depending on market demand, bulk carriers and oil/gas tankers are contracted to
sail from any one port to another. In this regard, their operation is similar to that of chartered vehicles, in which their routes and
schedules vary according to customers' orders. We strongly trust that our expanded service network that covers 55+ ports in the
Asia Pacific and Europe would play a pro-active role in promoting our vessel refueling services to both the liner operators and the bulk
carriers and oil/gas tankers operators notwithstanding the differences between their nature of business. We shall continue to strengthen
ourselves persistently by expanding our service network to cover more ports and providing more value-added services to cater for our
customers' vessel refueling demands.
Since
our commencement of business in 2015, the services that we provide to customers involve (i) making vessel refueling options available
at ports designated by our customers; (ii) arranging vessel refueling activities at competitive prices ; (iii) coordinating vessel refueling
to meet customers' schedule; (iv) providing trade credit to our customers; (v) arranging local physical delivery of marine fuel;
(vi) handling unforeseeable circumstances and providing contingency solutions in a timely manner; (vii) fulfilling special requests from
customers in relation to vessel refueling; and (viii) handling disputes, mainly in relation to quality and quantity issues on marine
fuel, if any.
17
Market
Focus
In
respect of market focus, we have been concentrating on the Asia Pacific region for years. But soon after our listing of the group on
Nasdaq in March 2023, we started to go for expansion of our supply network to cover also major ports in Europe. Our existing customers
who are mainly running on Euro-Asia route and Intra-Asia route would definitely need vessel refueling in the major ports in the Asia
Pacific region that they call at for loading and unloading of containers/cargoes. For the same reason, when our supply network is expanded
to cover European ports, our existing customers' needs of vessel refueling can also be fulfilled when they arrive at Europe and
get ready to return to Asia. As a matter of fact, among our extensive supply network of 55+ ports, 9 are within the top 10 container
ports in 2023 in terms of throughput volume globally. We strongly believe that such an extensive network would not only help to expand
our services to existing customers, but also promote our services to new customers who may have the need of vessel refueling in the Asia
Pacific and Europe. Given the fact that Asia Pacific and Europe, respectively, accounted for approximately 39.4% and 21.0% of global
marine fuel consumption volume in 2023, our continuously expanding network will enable us to capture ample business opportunities in
these regions.
Product
Focus
Marine
fuel has all along been the product we sell to our customers while handling vessel refueling. Marine fuel's specifications would
be required to change from time to time in accordance with the stipulation of certain authorities/organizations mainly in response to
environmental protection needs.
Citing
an example, regarding the 2020 Global Sulphur Limit issue, different from many other players in the market, we strongly believed International
Maritime Organization (IMO) would implement the regulation on schedule. We changed our trading products at the end of 2018, focused on
handling the new product, Very Low Sulphur Fuel Oil ("VLSFO") throughout 2019, and finally, at the beginning of 2020, smoothly
integrated with the newly regulated market.
For
the purpose of reducing GHG emissions from ships, IMO adopted an initial strategy in 2018, which was then revised in 2023 with strengthened
ambitions. As such, while fuel oil remained our primary product in 2023, we put a lot of effort in the exploration of alternative fuels
such as liquefied natural gas, biofuel, methanol, hydrogen and ammonia which can be used alone or either in combination with conventional
fuel oil to achieve decarbonization of shipping transportation and the enhancement of environmental protection. We have to pay special
attention to any prospective change in our product's quality in order to maintain our competitiveness in the market.
Price
Fixing Criteria
Endeavoring
to ensure a positive gross profit, we basically price our services on a "cost plus" basis, i.e., we are able to obtain a
premium, being the difference between the selling price per metric ton of marine fuel sold to our customers and the purchase cost from
our suppliers. Therefore, a profit margin would be ensured, and our management focus should then be put mainly on the increase of sales
volume. However, our operation is limited by the working capital available to us for a given period of time. If the marine fuel prices
increase substantially, we could purchase less marine fuel from our suppliers with the same level of financial resources and same trade
credit offered by our suppliers. Since revenue is the denominator in calculating the gross profit margin, when marine fuel price increases,
our gross profit margin inherently decreases notwithstanding our "cost plus" pricing policy which only ensures a monetary
amount (i.e., the premium). Given the nature of our business, our gross profit margin will be inevitably affected by the fluctuation
of marine fuel price, and hence gross profit margin is generally not a key indicator for evaluation of our profitability.
Market
interruption
In
year 2022 and 2023, while the global economy continued to gradually recover from the pandemic of COVID-19, the most significant incidents
that affected global economy, the shipping industry, oil price movement and the bunkering industry were the War on Gaza and the Russia
Ukraine Crisis. For more information about the impact of these two incidents, please refer to 5.A – Operating Results – Macroeconomic
Environment. As a matter of fact, these two incidents have not brought any material impact to our business activities.
18
The
following table breaks down revenue by geographic location of the Company's revenue. The geographical location is based on the
location at which the marine fuel is delivered to the customer.
For the years ended December 31,
2023
2022
2021
China
$
242,702,178
$
252,628,159
$
165,187,146
Hong Kong
137,206,005
171,143,686
147,960,792
Malaysia
46,725,038
26,490,822
4,989,527
Singapore
7,238,512
4,865,956
4,490,682
South Korea
1,373,340
4,355,855
-
Others
652,647
3,421,779
3,912,565
Total:
$
435,897,720
$
462,906,257
$
326,540,712
For
the year ended December 31, 2023, Others includes Europe, Japan, Vietnam and Thailand.
Competition
in the bunkering industry
The
marine fuel supply and bunkering industry is highly competitive and fragmented. Other bunkering facilitators and bunkering arms of oil
majors or traders may also engage in provision of vessel refueling services. We consider our main competitors to be other bunkering facilitators,
but we also face competition from local physical distributors that supply marine fuel directly to ship operators. If our competitors,
for the purpose of increasing their market share, undercut marine fuel prices, customers may choose to procure vessel refueling services
with them in this regard. The followings are the key factors relevant to the competition in the bunkering industry:
●
established
    relationships with stakeholders: in light of the voyage characteristics of vessels traveling across multiple ports, bunkering facilitators
    are required to establish their regional presence by engaging actively with multiple suppliers to cater to the dynamic ordering requirements
    from vessels;
●
professionalism
    and technical know-how: bunkering facilitators with capability to offer value-added solutions in relation to vessel refueling including
    but not limited to the foresightedness on marine fuel development trends, the ability to ensure timely delivery of marine fuel and
    the strong commitment to meet with international and local bunkering standards are highly preferred by customers; and
●
capital
    requirement: substantial working capital is often required for bunkering facilitators to source marine fuel from suppliers.
Our
Competitive Strengths
We
believe the following competitive strengths contribute to our success and differentiate us from our competitors:
Flexible
and integrated services through our supply network
We
are able to provide tailor made integrated solutions for (i) structuring fixed term contracts in a reliable manner for our customers
over a fixed period for the ease of convenience of container liners operating under regular schedule; (ii) fulfilling detailed requirements
of marine fuel with quality assurance pursuant to the technical requirement of the requested vessels; (iii) providing customers with
trade credit in relation to vessel refueling; and (iv) handling the emergencies and contingencies.
19
We
provide our services, including the arrangement with our suppliers to perform actual delivery of marine fuel through our extensive supply
network, which have been the top 20 container ports over the years in terms of throughput volume globally. Since international container
liner operators whose vessels are sailing on regular routes and schedules, we can better serve them by arranging different ports for
refueling along their voyages. That means our customers have the options to optimize their refueling costs by arranging different ports
for refueling without altering their schedules and routes. As for the bulk carriers and oil/gas tankers which operate on a port-to-port
basis and sail on chartered routes, we are also able to satisfy their refueling needs in any ports within our extensive network. We are
playing a role of bridging marine fuel buyers with suppliers by coordinating and consolidating bunkering services at designated ports
and formulating cost-effective packages for our customers. We have been able to provide timely bunkering delivery arrangements to our
customers and meet compliance with relevant international standards, such as ISO 8217. We intend to continue to capture additional business
opportunities by expanding and strengthening our supply network.
In
respect of our expansion into Europe, as our existing customers are mainly the world's top liners operators, we have the competitive
advantage to promote our services extended from Asia Pacific to Europe for their vessels running mainly on the Euro-Asia route. At the
same time, leveraging on our extensive supply network in Asia Pacific, we are also striving to develop business opportunities with new
European customers.
Economies
of scale
We
take the role as a demand aggregator of our customers' requirements. This enables us to obtain favorable terms to purchase marine
fuel under a bulk purchase arrangement with suppliers at favorable terms instead of our customers transacting with a large number of
suppliers on an individual transaction basis.
Strong
presence in major ports in the Asia Pacific and emerging presence in Europe
As
at the end of 2023, we have already established an extensive supply network that covers 55+ ports in the Asia Pacific and Europe. Out
of these 55+ ports, 9 ports are within the top 10 container ports (in terms of throughput volume globally) where the world's top
liners operators frequently visit to have loading and unloading of containers as well as vessel refueling. Although the bunkering industry
is fragmented, our Group is considered one of the few leading bunkering facilitators in some of the Asia Pacific regions, such as the
Hong Kong and the PRC. We have also started to establish presence in the European market since 2023.
Effective
treasury management system
An
effective treasury management system is important to us for planning, organizing and controlling our working capital in order to optimize
our use of funds as well as maintaining our liquidity. We have implemented an effective treasury management system to monitor our cash
position on a continuous basis with an aim to allocate our resources efficiently in order to maximize our profitability. Our treasury
management system is designed to ensure that our cash balance is maintained at the appropriate levels such that we are in the position
to capture potential business opportunities while ensuring the efficient operation of our business.
Sustainable
growth with minimal fixed asset investment
We
focus on investing in the expansion of our supply network instead of in fixed assets, such as bunker barges in each of the ports we provide
vessel refueling services. According to relevant government policies and regulations, most of our suppliers can only provide vessel refueling
at their respective ports. We operate using a model which enables us to react swiftly to changing demand patterns among the ports in
the Asia Pacific and Europe. If the demand for vessel refueling at any particular port changes, we can quickly adjust our services by
providing our services at ports nearby within our supply network. Our business model minimizes our need to invest in fixed assets as
we rely upon our extensive industry knowledge and established third-party relationships to arrange for the physical delivery of marine
fuel to our customers.
Furthermore,
port disturbances, which includes, among other things, adverse weather condition, port congestion, change in government regulations and
temporary closures due to unforeseeable event (such as COVID-19 outbreak), do not have material adverse impact on our Group's business
given our ability to re-arrange refueling of the vessel to the next feasible port under our Group's extensive supply network. Our
established supply network allows us to grow our business without substantial capital investments, which, in turn, reduces our overall
operating risk, provides more flexibilities, enhances our profitability and has a shorter investment return period when developing new
locations.
20
ESG
and Sustainability
Environmental, Social and Governance (ESG)
International
Maritime Organization (IMO) is the United Nations specialized agency responsible for safe, secure and efficient shipping and the prevention
of pollution from ships.
Maritime
transport has been estimated to have made around 2.9% of global GHG (Green House Gases) emissions in 2018. To address this issue and
for the purpose of reducing GHG emissions from ships, IMO adopted an initial strategy in 2018, which was then revised in 2023 with
strengthened ambitions comprising:
(a)
A
    reduction in carbon intensity of international shipping by at least 40% by 2030 compared to 2008
(b)
Uptake
    of zero or near-zero GHG emission technologies, fuels and/or energy sources to represent at least 5%, striving for 10% of the energy
    use by 2030.
(c)
GHG
    emissions from international shipping to reach net zero by or around, i.e. close to, 2050.
To
ensure that shipping reaches the revised ambitions, the IMO has decided to implement a basket of measures consisting of two parts:
(a)
A
    technical element which will be a goal-based marine fuel standard regulating the phased reduction of marine fuel GHG intensity.
(b)
An
    economic element which will be some form of a maritime GHG emissions pricing mechanism, potentially linked directly to the GHG intensity
    mechanism.
The
development of the measures will continue at the IMO, and will, according to the agreed timeline, be adopted in 2025 and enter into force
around mid-2027.
Being
a bunkering facilitator, we always attach special attention to all the requirements imposed by IMO, in particular, those issues related
to environmental protection, climate change and sustainability.
(a)
We
    are committed to contribute to fulfilling the GHG emissions reduction targets adopted by IMO and have implemented our in-house GHG
    management. An ESG committee has been established to formulate energy management policies and review measures integration in our
    operations.
(b)
In
    early 2023, we have started to study the role biofuels can play in reducing the GHG emission. Biofuels are being promoted as one
    of the low-carbon alternatives to the existing fossil oils as they could help to reduce GHG emissions and the related climate change
    impact from the shipping industry.
(c)
We
    have obtained International Sustainability and Carbon Certification (ISCC EU and ISCC Plus certificates) certifying that we comply with all the requirements and are allowed to trade biofuel
    within the supply chain.
(d)
In
    July 2023, we successfully completed our very first B24 biofuel bunkering operation in Hong Kong. Immediately thereafter, we also
    completed the first B24 biofuel cargo export in Guangzhou, China.
(e)
The
    biofuel supplied was blended out from marine fuel oil and 24% second-generation, waste-based, and ISCC certified UCOME (Used Cooking
    Oil Methyl Ester). The B24 biofuel blend, as indicated by a study, is projected to reduce approximately 20% of GHG emissions when
    compared with conventional fuel oil.
21
Apart
from issues related to environmental protection, we understand that corporate responsibility is something we must work towards to create
a meaningful impact on both our employees and the society we serve. We have fostered an inclusive workplace where diversity is embraced
and celebrated. Our commitment to inclusivity goes beyond our walls and respective affiliates, and we are well aware of our duty to contribute
to the betterment of society as a whole. In this respect, we held the following activities up to the date of this report:
(a)
Participate
    in a School-Enterprise Cooperation Program in Shenzhen of PRC through which we offer positions to participants and provide them with
    valuable opportunities to gain practical experience that would contribute to their career development.
(b)
Participate
    in the Box of Hope Project through which we strive to bring joy to children who face challenging circumstances, especially during
    a time when they may not typically receive gifts.
(c)
Support
    the "Neighborhood First Reunion Lunch" led by young volunteers of the Hong Kong Federation of Youth Group through which
    elderly individuals are provided with goodies bags consisting of supermarket cash voucher and a pack of noodles symbolizing long
    life and prosperity.
Compliance
and Risk Management
It
is to our best knowledge that our counterparties are essential in risk management for the compliance with global regulatory requirements.
We ensure that our chartered barges and the vessels to be refueled do not fall into any sanction list by accessing the transactional
and analytical data with the Lloyds' list, which consists of regulations imposed by the international committee.
Money
laundering is one of the major financial crimes and we exercise utmost care to ensure no money laundering activity has taken place during
our business. Furthermore, with the increasing enforcement risk in anti-corruption, we pay careful attention to the evolutions and response
to the changes proactively.
Internal
Control
To
ensure the integrity of our information, we have extensive internal control policies and procedures in place to safeguard information
assets, such as the management of confidential information. To maintain our operations in any case of unforeseen circumstances, we have
our business continuity plan in place to reduce impacts and minimize service disruption. Furthermore, we comply with all aspects concerning
quality management, supplier management, legal compliance, occupational safety and so forth. We are evaluated by an independent internal
auditor on the sufficiency and implementation of the company's policy and procedures while monitoring the policies implementation
and making suggestions on improvements.
Credit
Risk
Our
credit underwriting and monitoring are comprehensive, and we have our formal credit committee to assess, approve, review and renew open
credits for sales to all customers. This allows us to have sound mechanisms in place in order to prevent problems in the future. We provide
open credits subject to the acceptability of the creditability of our customers. We may also require credit insurance to cover the risks
of customers if our credit committee deems necessary.
Regulations
We
are not aware of any significant rules and regulations that would affect our business activities in Malaysia, Hong Kong and in particular
PRC where we only have a subsidiary incorporated therein without any transaction undertaken by the office. Nonetheless, we would like
to highlight for reference the following rules and regulations which may be related to our business activities.
1.
THE
                                            LAWS AND REGULATIONS OF MALAYSIA
Please
                                            refer to Exhibit 99 for more detail of the following laws and regulations:
Occupational
                                            Safety and Health Act 1994
Industrial Relations Act 1967
Employment Act 1955
Employment (Restriction) Act 1968
Employees Provident Fund Act 1991
Employees'
                                            Social Security Act 1969
Employment Insurance System Act 2017
Minimum Wages Order
                                            2022
Income Tax Act 1967
Labuan Business Activity Tax Act 1990
Service Tax Act
                                            2018
2.
THE
    LAWS AND REGULATIONS OF HONG KONG
Please
                                            refer to Exhibit 99 for more detail of the following laws and regulations
Mandatory
    Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)
Employment
    Ordinance (Chapter 57 of the Laws of Hong Kong)
Employees'
    Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)
Minimum
    Wage Ordinance (Chapter 608 of the Laws of Hong Kong)
Occupational
    Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)
3.
THE
    LAWS AND REGULATIONS OF THE PRC
Please
                                            refer to Exhibit 99 for more detail of the following laws and regulations
Related
    to Foreign Investment
Enterprise
    Income Tax
Value-added
    Tax
Information
    Security and Data Privacy
22
4.C.
Organizational Structure
The
following diagram illustrates our corporate structure as at April 18, 2024.
(1)
CBL
    (Asia) Limited is a limited liability company incorporated in Hong Kong which is owned as to 51% by Mr. Teck Lim Chia, our Chairman
    and Chief Executive Officer, 44% by Ms. Xiaoling Lu and 5% by Mr. Yuan He.
(2)
Straits
    Energy Resources Berhad, or Straits, is a Malaysian company whose shares are listed on the ACE Market of Bursa Malaysia Securities
    Berhad (stock code: 0080).
4.D.
Property, plants and equipment
We
do not own any property and we rent the following leased properties from independent third parties for our operations:
Property
    Address
Use
    of the property
Term
Rm
                                            3602-03A, 36/F, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Hong Kong
Office
October
    7, 2022 to October 6, 2025
Level
                                            23-2, Menara Permata Sapura, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia
Office
August
    1, 2023 to July 31, 2026 (3 years renewal term)
Room
    No. 4, No. 1–23A, First Floor, Paragon, Jalan Mustapha, 87000, Labuan, Malaysia
Office
February
    1, 2024 to June 30, 2024 with automatic renewal until we give notice to end the lease term.
Pembroke
    House, 28-32 Pembroke Street Upper, Dublin, D02 EK84, Republic of Ireland.
Office
January
    1, 2024 to December 31, 2024
7
    Temasek Boulevard, #08-07 Suntec Tower One, Singapore 038987
Office
February
    15, 2024 to February 14, 2026
23
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
None.
ITEM
    5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of the Group's financial condition and results of operations in conjunction with
the Group's consolidated financial statements and the related notes included elsewhere in this annual report. This discussion may
contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Group's actual results
may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set
forth under "Item 3. Key Information — 3.D. Risk Factors" or in other parts of this annual report.
5.A.
Operating Results
Business
Overview
We
are a bunkering facilitator targeting container liner operators as our major customers since our inauguration in 2015. In recent years,
capitalizing on our continually expanding supply network, we started to promote bunkering services also to bulk carriers and oil/gas
tankers which, unlike container liners that operate in multiple ports on fixed and regular routes, run on voyages with irregular port-to-port
calls based on charterers' nominations. For detailed information regarding our business, see "Item 4. Information on the
Company – B. Business Overview".
FY2023
marks a significant year for CBL International. In March 2023, we raised gross proceeds of $15 million from an IPO offering. With the
additional financial resources from the IPO, we not only successfully expanded our service network to Europe, but also gained new businesses
with existing customers and acquired new customers. These accomplishments led to remarkable growth in our sales volume in FY2023. On
the environmental protection side, we were approved for biofuel trading activities and launched the first biofuel supply after years
of proactively exploring alternative fuel options.
Service
network expansion
Our
supply network expanded substantially over the past year, from 36 ports covering the Asia Pacific as of the end of FY2022 to 55+ ports
covering both the Asia Pacific and Europe as at the end of FY2023. We are now able to provide bunkering services at 9 out of the world's
top 10 container ports by throughput volume.
Our
expansion into Europe in FY2023 showcased the importance of an extensive service network in capturing bunkering businesses, whether customers
are running on fixed and regular routes, or sailing on irregular voyages at ports mandated by charterers. With an established presence
in Europe, we extended our bunkering services from the Asia Pacific to Europe for our existing customers who needed to traverse between
the two regions. At the same time, we acquired new European customers who needed bunkering services at ports in the Asia Pacific. In
the near future, further expanding into the European market is our priority. Two subsidiaries have already been incorporated in Dublin
of Ireland serving as the headquarter and operating arm of our European business.
As
an example of the new businesses we acquired with our expanded service network, in the first quarter of 2024, with the joint effort of
our colleagues in Asia and Europe, we successfully arranged bunkering services to support the inaugural journey of a major electric vehicles
manufacturer's first car carrier at a port in China, followed by another bunkering servicing for the same car carrier in Antwerp
of Belgium.
24
Increase
in sales volume
Our
sales volume in FY2023 surged by 18% year-on-year, despite a tepid global economy and a slight decline in global container port throughput,
as we efficiently utilized the additional funding from the IPO to increase sales from existing customers as well as expand customer base
through an enlarged service network. Notwithstanding the 20% drop in average oil prices during FY2023, our revenue only registered a
drop of 6% year-on-year to $436 million, thanks to the surge in sales volume which partially offset the negative impact from oil price
movement.
With
the IPO funding, we were able to penetrate deeper into the bunkering market by acquiring new customers and businesses in FY2023. The
expansion of customer mix post-IPO means that our revenue stream as well as customer margin profiles had become more diversified. The
move to penetrate new customers and expand business opportunities have inevitably affected our gross profit in FY2023, which declined
21% year-on-year to $7 million, due to a lower gross profit per metric ton as a result of a more diversified customer base, again partially
offset by the increased sales volume. We will endeavour to maximize volume growth to balance the impact from the change in customer mix
as we further expand our service network in the future.
We
incurred an increase of $1.2 million in operating expenses in FY2023 primarily from our listing, business expansion and efforts in exploring
and conducting biofuel operation. The listing-related expenses, amounting to approximately $0.6 million, were required to maintain our
listing status. There were no listing-related expenses in FY2022. As for the expenses related to business expansion and biofuel operation,
we regard them as vital investments to our long-term sustainable growth.
Biofuel
supply
Our
foresight in introducing fuel options with lower environmental impact to our customers dates back to 2019 when we went ahead of the "IMO
2020" regulation and became one of the first movers who promoted and supplied very low sulphur fuel oil (VLSFO) to our clients.
In 2023, we again have taken the initiative in introducing B24 biofuel bunkering to our customers, paving the way for them to adopt green
marine fuel to fulfil the GHG emission reduction targets adopted by IMO.
The
biofuel we promote to the ship operators is blended out from marine fuel oil and waste-based, ISCC certified UCOME (Used Cooking Oil
Methyl Ester). The B24 biofuel blend, as indicated by a study, is projected to reduce approximately 20% of GHG emissions when compared
with fossil fuel oil. Most importantly, the adoption of biofuel does not require any changes to the vessels' storage tanks, pipelines,
and/or alteration of the vessels' combustion and engine system. The adoption only involves simple shifting from conventional fuel
oil to biofuel without any additional investments, and as such biofuel is an option of green fuel anticipated to be well accepted by
the ship owners.
Supplying
biofuel requires certifications and endorsements from relevant governing authorities. In this respect, we have obtained ISCC EU and ISCC
Plus certificates certifying that we are fully compliant with all the requirements and are allowed to trade biofuel within the supply
chain. We successfully completed our very first B24 biofuel bunkering operation in Hong Kong in July 2023 and immediately thereafter,
completed the first B24 biofuel cargo export in Guangzhou, China. In the first quarter of 2024, we supported a globally renowned food
and agriculture supply chain management company in their inaugural B24 biofuel bunkering supply in China.
Macroeconomic
Environment
War
on Gaza
Since
October 2023, the ongoing conflict in Gaza has sent ripples through the global economy, primarily felt in the domain of energy prices.
The Middle East, as the leading hub for oil and natural gas production, plays a critical role in shaping global energy markets. The strife
has not expanded to encompass key oil-producing nations such as Saudi Arabia, and there has not been a significant immediate surge in
oil prices, the persistence of hostilities in Gaza may exert upward pressure on global oil prices, which is expected to fuel inflationary
trend worldwide. As of the latest practicable dates, the oil price index specific to Middle East Region namely Dubai Crude oil, has declined
during September 2023 to February 2024, indicating the impact of the crisis to oil market is relatively modest, according to IMF.
25
The
tense geopolitical climate in the region carries repercussions for trade in Palestine and Israel. Beyond the direct impact on the imports
and exports of the nations involved, which results in job losses and potential economic stagnation or contraction in these two countries,
the broader implications for multilateral trade are concerning. The conflict threatens to disrupt critical maritime, routes, notably
those in the eastern Mediterranean and the Suez Canal where trade arteries are essential for connecting Asia and Europe; disruptions
stemming from the conflict would lead to increased shipping industry costs due to rerouted trade lanes, recalibrated trade strategies,
elevated transportation and insurance premiums, and additional compliance expenses. In particular, the daily transit calls through Suez
Canal has dropped from 24 tanker ships and 49 cargo ships on beginning of September in 2023 to 15 tanker ships and 30 cargo ships in
mid-January in 2024, which is also attributable to the Houthis attack of the red sea merchant ship subsequent to the influence of the
Gaza conflict.
According
to latest report by the IMF published early 2024, projected growth of GDP in the Middle East and North Africa ("MENA") region
in 2023 is expected to be 2.9% only compared to 6.0% in 2022, considering the conflict in Gaza and Israel, as well as in Sudan. Net equity
and debt portfolio flow were also on a downward trend in MENA in late 2023. Going forward and in early 2024, despite showing signs of
abatement, it is critical to closely observe the unfolding events as both the direct and indirect effects of the Gaza conflict on the
global economic landscape will hinge on the duration, intensity, and international response to the conflict.
The
Russia Ukraine Crisis
The
on-going conflict between Russia and Ukraine escalated in February 2022 has prompted a wave of international sanctions targeting Russian
commerce encompassing restrictions on business operations, financial transactions, banking, and international trade. Furthermore, due
to severe disruptions in transportation and logistics in the region and neighborhood countries around Ukraine and Russia, both countries'
import, and export has been largely impacted.
(1)
Impact
                                            on trading sector
●
It
                                            exerted pronounced influence on seaborne trade, particularly within the dry bulk and tanker
                                            segments. The geopolitical upheaval has precipitated a shift in maritime logistics, extending
                                            the distances covered by cargo vessels, and subsequently augmenting the ton-mile demand for
                                            key commodities, notably oil and grain. Despite these disruptions, the global trading system
                                            showcased its robustness as alternative suppliers promptly stepped in to bridge the supply
                                            gap created by the diminished outputs from Ukraine and Russia.
●
Global
                                            trade volumes of oil and gas have charted encouraging growth trajectories, registering increases
                                            of 6% and 4.6% respectively in 2022. European countries sought to diversify their gas supplies
                                            in response to reduced imports from the Russian Federation, increasing their reliance on
                                            alternative sources from Algeria, Norway, Qatar, and the United States.
●
The
                                            overall landscape of world merchandise exports in 2022 recorded remarkable surge of 11.4%.
                                            Developed economies largely contributed to this upward trend, though a notable exception
                                            was Ukraine, which experienced a substantial year-on-year export decline of 34.8%. The capacity
                                            of import-reliant nations to swiftly realign their supply chains away from the conflict zones
                                            underpins the positive trade outcomes observed during a period of considerable geopolitical
                                            tension.
●
In
                                            2023, while the impact of the war has been largely diminished, the world merchandise exports
                                            in 2023 has declined by approximately 4.1%, attributable to multiple factors such as high
                                            borrowing costs weigh on economies due to interest hikes, US-China tensions redirect supply
                                            chains and more policies restricting cross-border commerce emerge.
26
(2)
Impact
                                            on bunkering sector
●
VLSFO
                                            (Max 0.5% sulfur fuel, also known as IMO2020 grade bunkers) has increased from US$692.5 per
                                            tonne in January 2022 to US$1,118.0 per tonne in June 2022, representing a compound monthly
                                            growth rate of approximately 8.3%. Subsequent to the initial disruption, VLSFO has hovered
                                            around US$620.0 per tonne to US$749 per tonne during the full year of 2023 to March 2024,
                                            with an average price of US$685.5 per tonne during the same period, indicating a relative
                                            stabilization in prices and suggesting that the initial shock of the crisis has been absorbed.
                                            Despite ongoing geopolitical events, such as the Ukrainian counteroffensive and other significant
                                            developments, the price has shown resilience, as the diversification of VLSFO supply chains
                                            has reduced the dependency on the two countries. Looking ahead, the balance and pricing of
                                            VLSFO will continue to be shaped by a broad spectrum of factors. These include evolving global
                                            market conditions, regulatory changes, and the operational status of key refineries, particularly
                                            in the Middle East. While some refineries in the region are experiencing technical challenges
                                            and fluctuations in output, the diversified nature of the VLSFO supply chain contributes
                                            to a more stabilized market, capable of adjusting to and compensating for such disruptions.
                                            Overall, the price of VLSFO increased from approximately US$630 per tonne in January 2024
                                            to US$670 per tonne in April 2024, with a stable growing trajectory.
(3)
Impact
                                            on energy and crude oil sector
●
The
                                            conflict between Russia and Ukraine has exerted pronounced pressure on global crude oil markets,
                                            particularly evidenced by the fluctuations in Europe's Brent spot price. Commencing
                                            in January 2022, when the Brent spot price was at US$86.5 per barrel, the anticipation and
                                            outbreak of the war contributed to a steep incline in prices, peaking at US$122.7 per barrel
                                            by June 2022, reflecting the war's immediate shock to the global energy supply chain,
                                            given Russia's pivotal role as a key oil producer. According to a Event Analysis Method
                                            with Multiresolution Causality Testing based research (EMC research), the conflict is responsible
                                            for up to 73.62% of the price fluctuations in Brent crude during 2022. The prices eventually
                                            receded to US75.5 by May 2023, suggesting a market adjustment or the emergence of other stabilizing
                                            factors, possibly including alternative supply sources or decreased demand. However, by September
                                            2023, the Brent spot price experienced a rebound to US$93.7 per barrel, indicating that the
                                            crude oil market remains susceptible to underlying tensions and the ongoing ramifications
                                            of the conflict.
●
In
                                            March 2024, attributed to heightened geopolitical tensions following Ukrainian counter offense
                                            on Russian oil refineries, the Brent rises again. As of the latest practicable date, the
                                            ongoing conflict between Russia and Ukraine continues to inject volatility into the crude
                                            oil market, with recent escalations further unsetting the supply and price stability. Despite
                                            brief periods of price stabilization, the lack of a clear resolution to the tensions keeps
                                            the outlook for crude oil prices uncertain. The global energy sector thus remains watchful,
                                            anticipating potential disruptions and the consequent economic implications as the situation
                                            evolves.
Post-COVID-19
World Economy recovery
●
In
                                            2023 and 2024, the global economy continues to gradually recover from the pandemic. According
                                            to the OECD, the global GDP has grown at approximately 2.9% in 2023 and is projected to grow
                                            at 2.7% in 2024 and 3.0% in 2025, with India, Indonesia, China, Saudi Arabia and Turkey being
                                            the countries recording greatest growth in both years.
●
While
                                            the COVID-19 pandemic severely impacted international supply chains and logistics networks,
                                            the challenges have also spurred an uptick in inventive approaches within the sector, accompanied
                                            by a surge in funding for digital, paperless technologies, Advances in customs procedures,
                                            port improvements, streamlined trade processes, and the adoption of electronic trading documentation
                                            are poised to expedite operations, decrease expenses, and minimize holdups. These developments
                                            are expected to enhance efficiency, cut down on waste, and yield improved outcomes for nations
                                            and the environment.
●
The
                                            shipping sector emerged as one of the primary beneficiaries in the wake of COVID-19. Global
                                            container port throughput witnessed an annual growth of 7.2% in 2021 and a slight uptick
                                            of 0.4% in 2022. In 2023, there was a small year-on-year decline of 0.7%, signaling a mild
                                            rebalancing after the exceptionally high demand of the previous years. The Liner Shipping
                                            Connectivity Index in regions such as Asia, Latin America, the Caribbean, and Oceania soared
                                            to unprecedented levels in 2023, indicating a full restoration of shipping connections and
                                            operations. Moreover, as supply chain disruptions have largely been resolved, freight rates,
                                            including those measured by the Shanghai Containerized Freight Index and the Baltic Dry Index,
                                            along with the average waiting times for container ships at ports, have returned to levels
                                            seen before the pandemic. In specific sectors and countries, China's post-COVID-19
                                            reopening and heightened industrial activity significantly boosted the demand for commodities
                                            like iron ore and coal. Brazil experienced a marked increase in soybean exports, attributed
                                            to favorable weather and the onset of the export season. Furthermore, the renewal of the
                                            Black Sea Grain Initiative in March 2023 played a pivotal role in advancing grain trade.
27
Results
of Operations
The
following provides a summary of our consolidated results of operations for the periods indicated:
For
    the Year Ended December 31,
2023
2022
Revenue
$
435,897,718
$
462,906,257
Cost of revenue
428,686,593
453,781,238
Gross profit
7,211,125
9,125,019
Operating expenses
Selling and distribution
1,242,157
1,212,108
General and administrative
4,307,141
3,152,568
Total operating expenses
5,549,298
4,364,676
Income from operations
1,661,827
4,760,343
Other (income) expense:
Interest expense and other financing costs,
    net
231,633
259,993
Other income (expense),
    net
(1,061
)
882
Total non-operating income (expense), net
230,572
260,875
Income (loss) before income taxes
1,431,255
4,499,468
Provision for income
    taxes
298,605
814,468
Net income (loss) including
    noncontrolling interest
1,132,650
3,685,000
Basic and diluted earnings
    per ordinary share*
$
0.045
$
0.171
Revenue.
Notwithstanding an increase of sales volume by approximately 18%, our consolidated revenue declined by approximately 6% from approximately
US$462,906,000 for the year ended December 31, 2022 to approximately US$435,898,000 for the year ended December 31, 2023. Such reduction
of revenue was mainly attributable to the decrease in the marine fuel price but partially offset by the substantial growth of sales volume
of marine fuel sold. The increase in our sales volume was mainly driven by our successful expansion of our supply network with number
of ports covered increased from 36 for the year ended December 31, 2022 to 55+ for the year ended December 31, 2023, expansion of customer
base from container liner operators to include bulk carriers/oil and gas tankers as well, and the availability of sufficient financial
resources for purchase of marine fuel as generated from the IPO in March 2023.
Gross
profit.
Our consolidated gross profit for the year ended December 31, 2023, was approximately $7,211,000, a reduction of approximately
$1,914,000 or approximately 21%, compared to the year ended December 31, 2022. During this period when the performance of the shipping
and bunkering industry was not particularly outstanding, we still insisted in securing more market share and double digits growth in
terms of volume while scarifying some margin. We strongly believed our expanded market share shall bring handsome reward to us once the
market situation turns favorable.
Operating
Expenses.
Consolidated total operating expenses for the year ended December 31, 2023, were approximately $5,549,000 an increase of
approximately $1,185,000, or 27%, compared to that of approximately $4,365,000 for the year ended December 31, 2022. The selling and
distribution expenses which was one part of the operating expenses was in fact stably maintained at the level of approximately $1.24
million as compared with that of $1.21 million for the year ended December 31, 2022. The general and administrative expenses which is
another part of the operating expenses however showed very substantial changes. It increased by approximately $1,155,000 or approximately
37% as compared with that for the year ended December 31, 2022. The substantial increase of the general administrative expenses was mainly
attributable to additional costs incurred to acquire and maintain the group's listing status on Nasdaq which comprises one-off
expenses related to listing the group on Nasdaq, additional recurring expenses related to maintaining the listing status, and additional
recurring expenses for business expansion and biofuel operation.
28
Non-Operating
Income, net.
For the year ended December 31, 2023, we incurred net non-operating expenses of approximately $231,000, compared to
net non-operating expense of $261,000 for the year ended December 31, 2022. The decrease of expenses of approximately $30,000 was mainly
the combined results of (a) the non-occurrence of any write off of property, plant and equipment for the year end ended December 31,
2023 as compared with a written off amount of approximately $48,000 for the year ended December 31, 2022; (b) reduction of interest expenses
of approximately $28,000 given that less account receivables had been sold to the financing bank under the account receivable purchase
facilities; and (c) substantial reduction of currency exchange gain to only about $1,700 for the year ended December 31, 2023 from approximately
$46,000 for the year ended December 31, 2022.
Income
Taxes.
For the year ended December 31, 2023, our income tax provision was approximately $299,000 and our effective income tax rate
was 16.5%, as compared to an income tax provision of approximately $814,000 for the year ended December 31, 2022. The decrease of approximately
$515,000 was primarily attributable to the reduction of income before taxes from approximately $4,499,000 for the year ended December
31, 2022 to approximately $1,431,000 for the year ended December 31, 2023, a decrease of approximately 68%, which was similar to the
magnitude of the tax provision reduction.
Net
income.
Net income decreased by approximately $2,552,000 or approximately 69% from approximately $3,685,000 for the year ended December
31, 2022, to approximately $1,133,000 for the year ended December 31, 2023. The decrease was attributable to (a) gross profit reduction
as resulted from adopting the strategy of expanding sales volume while enduring a narrowing profit margin, (b) the increase of general
and administrative expenses which was mainly attributable to the additional costs incurred in acquiring and maintaining the listing status
of the group on Nasdaq, but (c) a substantial saving in the reduced tax provisions.
Future
Uses of Liquidity
Cash
is primarily used to fund working capital to support our operations.
As
of December 31, 2023, our contractual obligations were as follows (in thousands):
Current
Long-Term
Total
Operating lease obligations
$
177.8
$
197.4
$
375.2
Derivatives obligations
-
-
-
Total
$
177.8
$
197.4
$
375.2
Debt
and interest obligations include principal and interest payments on fixed-rate and variable-rate, fixed-term debt based on their maturity
dates.
We
enter into lease arrangements for the use of offices for our operations. See Note 13. Leases for additional information.
As
part of our risk management program, we enter into derivative instruments intended to mitigate risks associated with changes in commodity
prices. Our obligations associated with these derivative instruments fluctuate based on changes in the fair value of the derivatives.
See Note 4. Derivative Instruments and Note 5. Fair Value Measurements for additional information.
From
time to time, we fix purchase commitments associated with our risk management program, as well as a purchase contract with our suppliers,
under which we agreed to purchase a certain quantity of marine fuel at future market prices. As of December 31, 2023, we did not enter
into such purchase agreements with any supplier. See Note 11. Commitments and Contingencies for additional information.
Capital
Expenditures. During the year ended December 31, 2023, we incurred capital expenditures in the ordinary course of business of approximately
$774,000. In 2024, we expect our capital expenditures to be generally consistent with the year ended December 31, 2023.
29
Cash
Flows
The
following table reflects the major categories of cash flows (in thousands). For additional details, please see the Consolidated Statements
of Cash Flows.
For
    the Years Ended December 31,
2023
2022
Net cash provided by (used in)
    operating activities
$
(10,033
)
$
3,499
Net cash provided by (used in) investing activities
(774
)
(373
)
Net cash provided by (used in) financing activities
13,177
(1,128
)
Operating
Activities.
Net cash used in operating activities of $10,033,000 for the year ended December 31, 2023, compared to provided by operating
activities of $3,499,000 for the year ended December 31, 2022, represented a $13,532,000 or an increase of 386% in net cash outflow used
in operating activities. The increase in net cash used in operating activities was primarily due to the following:
a)
The
    change in accounts receivable was approximately $6,680,000 net cash outflow for the year ended December 31, 2023, as compared to
    that for the year ended December 31, 2022 in the amount of approximately $403,000 net cash outflow, resulting in an increase in net
    cash used in operating activities in the amount of approximately $6,277,000 in this respect. The increase in net cash outflow in
    relation to accounts receivable was mainly attributable to the difference between the accounts receivable balance as of December
    31, 2023 in the amount of approximately $25,126,000 and that as of December 31, 2022 in the amount of approximately $18,446,000.
    More credit sales were made in December 2023 as compared to that in December 2022.
b)
The
    change in prepayments and other current assets was approximately $19,063,000 net cash outflow for the year ended December 31, 2023.
    For the year ended December 31, 2022, change in prepayments and other current assets was approximately $3,581,000 net cash inflow,
    resulting in an increase in net cash used in operating activities in the amount of approximately $22,623,000. Prepayment as of December
    31, 2023, principally represents deposits made to suppliers in aggregate of approximately $17,549,000 to secure credit lines from
    suppliers for the purchase of marine fuel which was necessary for the ongoing supply of goods for our bunkering business.
c)
The
    change in accounts payable was approximately $14,800,000 net cash inflow for the year ended December 31, 2023. For the year ended
    December 31, 2022, change in accounts payable was approximately $5,645,000 net cash outflow, resulting in an increase in net cash
    provided by operating activities in the amount of approximately $20,424,000 as compared on a year-on-year basis. The increase in
    net cash inflow in relation to accounts payable was mainly attributable to more credit purchases were transacted in December 2023
    as compared to that in December 2022. In this connection, we had higher accounts payable balance as of December 31, 2023 than that
    of December 31, 2022.
Investing
Activities.
Net cash used in investing activities of $780,000 for the year ended December 31, 2023, consisted of payments for design
and construction of the Group's new management information system, the acquisition of a new motor vehicle, and setting up of the
new office in Malaysia. Net cash used in investing activities for the year ended December 31, 2022, was $373,000 for the purchase of
office equipment and furniture.
Financing
Activities.
During the year 2023, the Company consummated the initial public offering of 3,325,000 ordinary shares, par value of
$0.0001 per share at a price of $4.00 per share (the "Offering"). The Company's underwriters exercised their over-allotment
option in part for an additional 425,000 ordinary shares ("Over-allotment Option"). The Over-allotment Option was closed
with the Offering. The net proceeds in the amount of approximately $13,200,000 raised from the Offering of the Company in 2023 providing
net cash inflow to the Group. For the year ended December 31, 2022, net cash outflow in financing activities in the amount of $1,128,000
were for Deferred Offering Costs payments in relation to the Offering.
5.B.
Liquidity and Capital Resources
Liquidity
to fund working capital is a significant priority for the Group's bunker business. Our views concerning liquidity are based on
currently available information and if circumstances change significantly, the future availability of trade credit or other sources of
financing may be reduced, and our liquidity would be adversely affected accordingly.
30
Sources
of Liquidity and Factors Impacting Our Liquidity
Our
liquidity, consisting principally of cash and availability under our Credit Facility, fluctuates based on a number of factors, including
the timing of receipts from our customers and payments to our suppliers, changes in fuel prices, as well as our financial performance.
We
rely on facilities provided by banks and trade credit from suppliers as an important source of liquidity for working capital requirements
for our operations. Future market volatility, generally, and any persistent weakness in global energy markets may adversely affect our
ability to access capital and credit markets or to obtain funds at reasonable interest rates or on other advantageous terms. In addition,
since our business is impacted by the availability of trade credit to fund fuel purchases, an actual or perceived decline in our liquidity
or business generally could cause our suppliers to reduce our credit lines, which in turns may otherwise materially modify our payment
terms.
During
times of high fuel prices, our customers may not be able to purchase as much fuel from us because of their credit limits with us and
the resulting adverse impact on their business could cause them to be unable to make payments owed to us for fuel purchased on credit.
Furthermore, when fuel prices increase our working capital requirements increase and our own credit limits could prevent us from purchasing
enough fuel from our suppliers to meet our customers' demands, or we could be required to prepay for fuel purchases, any of which
would adversely impact our liquidity.
However,
extended periods of low fuel prices, particularly when coupled with low price volatility, can have a favorable effect on our results
of operations and overall profitability. This can occur due to lower working capital requirements for the same trade volume. In other
words, under low fuel price environments, the same amount of capital enables us to conduct more business as a result of lower working
capital requirements.
The
Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to stakeholders
through the optimization of the balance between debt and equity.
The
company reviews the capital structure on an ongoing basis. As a part of this review, the directors consider the cost of capital and the
risks associated with each class of capital. The Company will balance its overall capital structure through the payment of dividends,
new share issues and the issue of new debt or the repayment of existing debt, if any.
During
the year ended December 31, 2023, the shares of the Company were successfully listed in Nasdaq and net proceeds of $13.6 million were
raised with new shares issued. This provides us with a new source of capital to fund our business and expansion.
Based
on the information currently available, we believe that our cash and cash equivalents as of December 31, 2023 and available funds from
our Credit Facility, as described below, together with cash flows generated by operations, are sufficient to fund our working capital
and capital expenditure requirements for at least the next twelve months.
Receivables
Purchase Agreements. We also have non-recourse accounts receivable purchase programs with a bank that allow us to sell a specified amount
of qualifying accounts receivable and receive cash consideration equal to the total balance, less an associated fee. The accounts receivable
purchase program provides the constituent bank with the ability to accept customers from this program with the level of risk exposure
the bank is willing to accept with respect to any particular customer. The fees the banks charge us to purchase the receivables from
these customers can also be impacted for these reasons.
5.C.
Research and Development, Patent and Licenses, etc.
Not
applicable. The Company has not undertaken any Research and Development activities in the past three years.
5.D.
Trend Information
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2022 that are reasonably likely to have a material effect on our total net revenues, income, profitability,
liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.
31
5.E.
Critical Accounting Estimates
Our
consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America
("U.S. GAAP"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to
make certain estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and related
notes. Our significant accounting policies are set forth in note 2 to our audited consolidated financial statements included in this
annual report.
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
6.A.
Directors and Senior Management
The
following table sets forth certain information regarding our directors and senior management as of the date of this annual report.
Directors
    and Executive officers
Age
Position
Mr.
    Teck Lim Chia
56
Chairman
    and Chief Executive Officer
Mr.
    Logeswaran Ramasamy
51
Director
Dato'
    Sri Kam Choy Ho
60
Director
Mr.
    Ulf Lothar Naujeck
62
Independent
    Director
Ms.
    Karen Yee Lynn Cheah
55
Independent
    Director
Mr.
    Koon Liang Ong
45
Independent
    Director
Mr.
    Khai Fei Wong
42
Independent
    Director
Mr.
    Raymond Sing Chung Chiu
65
Chief
    Financial Officer
Mr.
Teck Lim Chia
, aged 56, is the chairman of our board of directors and chief executive officer since inception of our Group, and
is primarily responsible for overseeing the strategy and decision making of our Group. He has over 16 years of experience in the oil
and gas related industries and business management. Before founding our Group, Mr. Chia was employed by BrightOil Group, a company based
in Shenzhen, PRC which was principally engaged in the fuel oil business from April 2006 to June 2008, with his last position held as
general director. From June 2008 to September 2011, he served as an executive director of BrightOil Group's listing company on
the Hong Kong Stock Exchange and undertook the role of developing the company's international business network. From October 2011
to January 2017, Mr. Chia served as a director of an oil trading company. Mr. Chia received a bachelor's degree in business administration
management from Oklahoma State University in December 1988 and a master's degree in public administration from the University of
Management & Technology in June 2012.
We
believe that Mr. Chia qualifies as a director because he is the founder of our Group and has extensive experience in the industry.
Mr.
Logeswaran Ramasamy
, aged 51, has been appointed as our director on March 22, 2023, and is primarily responsible for the overall
operations and management of Banle Marketing, and market development in the Southeast Asia region. Mr. Logeswaran Ramasamy joined our
Group in October 2020. Mr. Logeswaran Ramasamy graduated from the Northern University of Malaysia (University Utara Malaysia) with a
bachelor's degree in business administration in July 1997. From September 1997 to March 1998, he worked as a management trainee
at Aurora Tankers Sdn. Bhd. From April 1998 to April 2002, he served at KL Maritime (M) Sdn. Bhd., with his last position held as head
of shipbroking operation. From March 2003 to May 2004, he was a shipbroker at EverGreen Milestone Sdn. Bhd. From June 2004 to February
2006, he was a shipbroker at Nautica Chartering Sdn. Bhd. From March 2006 to March 2015, he was the chief operating officer at KIC Oil
& Gas Sdn. Bhd. Since June 2015, he served as a director of KL Bunkering (M) Sdn. Bhd.
We
believe that Mr.
Ramasamy
qualifies as a director because of his extensive experience in the industry.
32
Dato'
Sri Kam Choy Ho
, aged 60, has been appointed as our director on March 22, 2023, and is primarily responsible for advising on
strategy, policy, performance and other general matters of our Group. He has over 26 years of experience in the commercial management
of vessels in the shipping industry. Apart from our Group, he has been a director of R.H. Pacific Shipping (Agencies) Limited (previously
known as Hotama Pacific Shipping (Agencies) Limited) since August 1997, a company that primarily engages in shipping and transportation
of bulk/bagged cargo, and he is responsible for supervising the business operation and general management. He joined Straits Energy Resources
Berhad (previously known as Straits Inter Logistics Berhad), shares of which are listed on the ACE Market of Bursa Malaysia Securities
Berhad (stock code: 0080), in August 2016 as a non-independent and non-executive director and was re-designated as an executive director
in January 2017. He is currently the group managing director, and is responsible for the overall business management and strategic development.
We
believe that Dato' Sri Kam Choy Ho qualifies as a director because of his extensive experience in the industry.
Mr.
Ulf Lothar Naujeck
, aged 62, has been appointed as our independent director ,the chairman of the compensation committee and a
member of the nominating and corporate governance committee on March 22, 2023. Mr. Naujeck has over 26 years of experience in procurement
and management. From July 1994 to July 2019, he was employed by Hapag-Lloyd AG, an international container liner operator, with his last
position as a senior director of purchasing and supply. Mr. Naujeck graduated from the University of Hagen (FernUniversität in Hagen)
with a diploma in business in September 2001.
We
believe that Mr. Naujeck qualifies as a director because of his extensive experience in the industry.
Ms.
Karen Yee Lynn Cheah
, aged 55, has been appointed as our independent director, the chairperson of the nominating and corporate
governance committee, and a member of the audit committee and compensation committee on March 22, 2023. Ms. Cheah is an advocate and
solicitor in Malaysia and has over 28 years of practice experience in the legal field. She was admitted to the Malaysian Bar in 1995
and commenced full practice since then. Ms. Cheah's current primary focus is on information technology and data privacy, mergers
& acquisition, regulatory compliance, foreign direct investments, corporate and commercial contracts, real estate transactions, banking
and finance, private wealth management, and non-contentious tax areas. Ms. Cheah was the Honorary Secretary and Treasurer of the Malaysian
Bar from 2013 to 2017. Ms. Cheah had served 2 terms as the President of the Malaysian Bar and chairman of the Malaysian Bar Council for
terms of 2022/2023 and 2023/2024. She is currently the Immediate Past President of the Malaysian Bar and a member of the Bar Council
for the term 2024/2025. She obtained a bachelor's degree in laws from the University of London in 1993 and the Malaysian Certificate
in Legal Practice in 1994.
We
believe that Ms. Cheah qualifies as a director because of her extensive experience in regulatory compliance.
Mr.
Koon Liang Ong,
aged 45, has been appointed as our independent director and the chairman of the audit committee and a member
of the compensation committee on March 22, 2023. Mr. Ong has over 22 years of experience in providing auditing, taxation, liquidation
and other assurance services to companies in Malaysia. He joined Ong & Wong Chartered Accountants in September 2000 as a junior associate
and is currently an audit partner of the firm. Mr. Ong has served as a director of O & W Tax Consultants Sdn. Bhd. since April 2013
up to the present. Mr. Ong has been a member of the Association of Chartered Certified Accountant in Malaysia since July 2004, a member
of the Malaysian Institute of Accountants since August 2005, an approved auditor of the Ministry of Finance Malaysia since February 2013
and a member of the Chartered Tax Institute of Malaysia since March 2014. Mr. Ong graduated from the University of Manchester in June
2000 with a bachelor of arts in economic and social studies (major in accounting).
We
believe that Mr. Ong qualifies as a director because of his extensive experience in financial compliance.
Mr.
Khai Fei Wong
, aged 42, has been appointed as our independent director, and a member of the audit committee and nominating and
corporate governance committee on March 22, 2023. Mr. Wong has over 14 years of experience in auditing, taxation and corporate secretarial
matters. He began his professional career in June 2008 with Indah Secretarial (KL) Sdn Bhd (formerly known as Cheng & Co Secretarial
Sdn Bhd) as a secretarial assistant. In July 2013, Mr. Wong set up a corporate secretarial firm which principally provides corporate
secretarial, dissolution and tax advisory services. Mr. Wong has been a manager of OKL Taxation Services Sdn Bhd since 2020. Mr. Wong
has been a licensed company secretary of the Companies Commission of Malaysia since July 2014, an associate member of the Chartered Tax
Institute of Malaysia since October 2020 and a licensed tax agent of the Inland Revenue Board of Malaysia since December 2021. Mr. Wong
graduated from The University of Sheffield in July 2003 with a bachelor's degree in arts.
We
believe that Mr. Wong qualifies as a director because of his extensive experience in financial compliance.
33
Mr.
Raymond Sing Chung Chiu
,
aged 65, is the chief financial officer of our Group, and is primarily responsible for formulating
corporate strategies, overall management of financial, mergers and acquisitions and capital market affairs of our Group. Mr. Chiu has
over 19 years of experience in oil and gas related industries and business management. Prior to joining our Group, he was an executive
director of NewOcean Energy Holdings Limited from August 2003 to June 2019, a company listed on the Hong Kong Stock Exchange (stock code
0342). Mr. Chiu graduated from the Hong Kong Polytechnics (currently known as The Hong Kong Polytechnic University) with the Higher Certificate
in Business Studies (Banking) in November 1983.
Board
Diversity
Our
Company was listed on the Nasdaq on March 23, 2023 and the composition of our board of directors has remained unchanged since then. The
table below provides certain information regarding the diversity of our board of directors as of March 23, 2023, December 31, 2023 and
the date of this annual report.
Board
    Diversity Matrix
Country
    of Principal Executive Office
Malaysia
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited Under Home Country Law
No
Total
    Number of Directors
7
Part
    I: Gender Identity
Female
Male
Non-Binary
Did
    Not Disclose Gender
1
6
0
0
Part
    II: Demographic Background
●
Underrepresented
    individual in home country jurisdiction
0
●
LGBTQ+
0
●
Did
    not disclose demographic background
7
As
at the date of this report, the number of Directors who are male and female are six and one, respectively. Our Company is in the course
of identifying suitable female board candidates and intends to have at least two diverse Directors by December 31, 2026.
Family
Relationships
There
are no family relationships among any of our directors or executive officers.
6.B.
Compensation
Set
forth below is the compensation paid during the fiscal year ended December 31, 2023, for each of our executive officers and directors:
Name
2023
Compensation
Mr. Teck Lim Chia
$
775,614
Mr. Logeswaran Ramasamy
$
66,436
Dato' Sri Kam Choy Ho
$
23,306
Mr. Ulf Lothar Naujeck
$
-
Ms. Karen Yee Lynn Cheah
$
23,306
Mr. Koon Liang Ong
$
23,306
Mr. Khai Fei Wong
$
23,306
Mr. Raymond Sing Chung Chiu
$
191,666
34
6.C.
Board Practices
Term
of Office
According
to the Directors Agreement, our directors are appointed for a term commencing from March 22, 2023 and continuing until the Director's
successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal
from office, pursuant to the terms of the Director Agreement, the Company's then current memorandum and articles of association,
as may be amended from time to time, or any applicable laws, rules, or regulations. In the Annual General Meeting held on November 6,
2023, the Company's memorandum and articles of association was amended to require one third of the Directors for the time being
(or, if their number is not a multiple of three (3), the number nearest to but not greater than one third) shall retire from office by
rotation provided that every Director shall be subject to retirement at an annual general meeting at least once every three years. In
the same annual general meeting, all directors and independent directors namely Mr. Teck Lim Chia, Mr. Logeswaran Ramasamy, Dato'
Sri Kam Choy Ho, Mr. Ulf Lothar Naujeck, Ms. Karen Yee Lynn Cheah, Mr. Koon Liang Ong, and Mr. Khai Fei Wong had retired from office,
and offered themselves for re-election, and all of them had successfully been re-elected to hold their original director positions.
Employment
Agreement with our Chief Executive Officer and Chief Financial Officer
Each
of our Chief Executive Officer and Chief Financial Officer currently serves under an employment agreement, each dated March 22, 2023
(the "Employment Agreements"). Under the Employment Agreements, each of our Chief Executive Officer and Chief Financial Officer
receives a monthly base salary of $1,500. The Employment Agreements may be terminated in accordance with our articles of association.
None of the Employment Agreements provides for benefits upon termination of employment of our executive officers.
Directors
Agreements
On
March 22, 2023, we entered into Director Agreements (the "Director Agreements") with each of our directors. The term of each
such appointment is stated in the abovementioned "Term of Office".
Other
than Mr. Ulf Lothar Naujeck who chooses not to receive any compensation, each of our directors received a monthly remuneration of $2,500
commencing March 22, 2023 till December 31, 2023. As approved by the Compensation Committee, such monthly remuneration was increased
to US$2,600 with effect from January 1, 2024. None of the Director Agreements provides for benefits upon termination of appointment of
our directors.
Board
Meetings
There
were altogether 5 board meetings held in 2023 subsequent to the listing of the Company on Nasdaq on March 23, 2023.
The
following table shows the attendance of directors at meetings of the Board during the year ended December 31, 2023.
Name
    of Director
Number
    of Meetings attended
Directors:
Mr.
    Teck Lim, Chia, Chairman
5/5
Mr.
    Logeswaran Ramasamy
5/5
Dato'
    Sri Kam Choy Ho
5/5
Independent
    Directors:
Mr.
    Ulf Nothar Naujeck
4/5
Ms.
    Karen Karen Yee Lynn Cheah
5/5
Mr.
    Koon Liang Ong
5/5
Mr.
    Khai Fei Wong
5/5
35
Directors
Training
The
Company has a record of directors receiving training on "Nasdaq Rules on Directors' Independence and Corporate Governance
Matters" as organized by Loeb & Loeb LLP. All the Directors and Independent Directors attended the seminar for the directors
training on November 6, 2023.
Committees
of the Board
We
have established and will maintain three committees under the board of directors: an audit committee, a compensation committee, and a
nominating and corporate governance committee. We have adopted the charter for each of the three committees. Each committee's members
and functions are described below.
Audit
Committee
Our
audit committee consists of Mr. Ong, Ms. Cheah and Mr. Wong and is chaired by Mr. Ong. We have determined that each of these 3 directors
satisfies the "independence" requirements of the Nasdaq Listing Rules and meet the independence standards under Rule 10A-3
under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Ong qualifies as an "audit committee financial
expert." The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements.
The audit committee is responsible for, among other things:
●
appointing
    or replacing the independent registered public accounting firm; determining the compensation and oversight of the work of the independent
    registered public accounting firm for the purpose of preparing or issuing an audit report or related work with the independent registered
    public accounting firm reporting directly to the audit committee.
●
pre-approving
    all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;
●
Meeting
    with the independent registered public accounting firm prior to the audit to review the scope, planning and staffing of the audit;
●
reviewing
    and discussing with management and the independent registered public accounting firm the annual audit report, the financial statements
    and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations"
    proposed to be included in the Company's Annual Report on Form 20-F, and recommend to the Board whether the audited financial
    statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations"
    should be included in the Annual Report on Form 20-F;
●
reviewing
    and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;
●
discussing
    with management and the independent registered public accounting firm, as appropriate, significant financial reporting issues and
    judgments made in connection with the preparation of the annual audited financial statements;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor
    and control major financial risk exposures;
36
●
Discussing
    with the independent registered public accounting firm the matters required to be discussed by Statement on Auditing Standards No.
    61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions
    on the scope of activities or access to requested information, and any significant disagreements with management;
●
Reviewing
    disclosures made to the audit committee by the Company's Chief Executive Officer and Chief Financial Officer during their certification
    process for the Form 20-F about any significant deficiencies and material weaknesses in the design or operation of internal control
    over financial reporting and any fraud involving management or other employees who have a significant role in the Company's
    internal control over financial reporting;
●
Obtaining
    and reviewing at least on annual basis, a report from the independent registered public accounting firm, consistent with the rules
    of the Public Company Accounting Oversight Board
●
annually
    reviewing and reassessing the adequacy of our audit committee charter;
●
Inquiring
    and discussing with management the Company's compliance with applicable laws and regulations and with the Company's Code
    of Ethics in effect at such time, if any, and, where applicable, recommend policies and procedures for future compliance.
●
Discussing
    with management and the independent registered public accounting firm any correspondence with regulators or governmental agencies
    and any published reports that raise material issues regarding the Company's financial statements or accounting policies.
●
meeting
    separately and periodically with management and the independent registered public accounting firm;
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance; and
●
reporting
    regularly to the board.
There
were altogether 4 Audit Committee meetings held in 2023 subsequent to the listing of the Company on Nasdaq on March 23, 2023.
The
following table shows the attendance of directors at meetings of the Audit Committee during the year ended December 31, 2023.
Name
    of Director
Number
    of Meetings attended
Independent
    Directors:
Mr.
    Koon Liang Ong
4/4
Ms.
    Karen Karen Yee Lynn Cheah
4/4
Mr.
    Khai Fei Wong
4/4
Compensation
Committee
Our
compensation committee consists of Mr. Naujeck, Mr. Ong Ms. Cheah and is chaired by Mr. Naujeck. We have determined that each of these
directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee assists the board
in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers.
Our executive officers may not be present at any committee meeting during which their compensation is deliberated upon. The compensation
committee is responsible for, among other things:
●
Establishing,
    reviewing and approving the overall executive compensation philosophy and policies of the Company, including the establishment that
    supports and reinforces the Company's long-term strategic goals, organizational objectives, and shareholder interests;
37
●
reviewing
    and approving the Company's goals and objectives relevant to the compensation of the chief executive officer and other executive
    officers, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;
●
reviewing
    and recommending to the board for determination with respect to the compensation of our non-employee directors;
●
Overseeing
    the execution of the Clawback Policy adopted by the board on November 6, 2023
●
Overseeing
    shareholder communications relating to executive compensation and reviewing and making recommendations with respect to shareholder
    proposals related to compensation matters.
●
reviewing
    periodically and approving any incentive compensation or equity plans, programs or other similar arrangements; and
●
selecting
    compensation consultant, legal counsel or other adviser of the Compensation Committee only after taking into consideration all factors
    relevant to that person's independence from management.
●
Undertaking
    such other responsibilities or tasks as the Board may delegate or assign to the Committee from time to time.
There
were altogether 3 Compensation Committee meetings held in 2023 subsequent to the listing of the Company on Nasdaq on March 23, 2023.
The
following table shows the attendance of directors at the meetings of the Compensation Committee during the year ended December 31, 2023.
Name
    of Director
Number
    of Meetings attended
Independent
    Directors:
Mr.
    Ulf Lothar Naujeck
3/3
Ms.
    Karen Yee Lynn Cheah
3/3
Mr.
    Koon Liang Ong
3/3
Nominating
and Corporate Governance Committee
Our
nominating and corporate governance committee consists of Ms. Cheah, Mr. Naujeck and Mr. Wong and is chaired by Ms. Cheah. We have determined
that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The nominating and corporate
governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition
of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:
●
Developing
    the criteria and qualifications for membership on the Board
●
recommending
    nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;
●
reviewing
    annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills,
    experience, expertise, diversity and availability of service to us;
●
selecting
    and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as
    well as of the nominating and corporate governance committee itself;
38
●
developing
    and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments
    in the law and practice of corporate governance and our compliance with such laws and practices; and
●
evaluating
    the performance and effectiveness of the board as a whole.
●
Performing
    any other activities consistent with this charter, the Company's Bylaws and overning laws, as the Committee or the Board deems
    appropriate.
●
Reporting
    to the Board each year concerning its compliance with this charter for inclusion in the Company's proxy statement.
●
Periodically
    reviewing and assessing the adequacy of this charter and recommending any proposed changes to the Board for approval.
There
were altogether 2 Nominating and Corporate Governance Committee meetings held in 2023 subsequent to the listing of the Company on Nasdaq
on March 23, 2023.
The
following table shows the attendance of directors at the meetings of the Compensation Committee during the year ended December 31, 2023.
Name
    of Director
Number
    of Meetings attended
Independent
    Directors:
Ms.
    Karen Yee Lynn Cheah
2/2
Mr.
    Ulf Lothar Naujeck
2/2
Mr.
    Khai Fei Wong
2/2
Foreign
Private Issuer Exemption
We
are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq,
we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq
corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:
●
Exemption
    from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual
    or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4)
    days of their occurrence, and from the disclosure requirements of Regulation FD.
●
Exemption
    from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders
    of U.S. companies that are subject to the Exchange Act.
●
Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such
    waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private
    issuer exemption.
Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices
in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's
Notification of Non-compliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If
we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the
same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If
we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.
39
Although
we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of the Nasdaq
corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including
the requirement to hold annual meetings of shareholders.
Duties
of Directors
Under
Cayman Islands law, our board of directors has the powers necessary for managing, and for directing and supervising, our business affairs.
The functions and powers of our board of directors include, among others:
●
convening
    shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;
●
declaring
    dividends and distributions;
●
appointing
    officers and determining the term of office of the officers;
●
exercising
    the borrowing powers of our Company and mortgaging the property of our Company; and
●
approving
    the transfer of shares in our Company, including the registration of such shares in our share register.
Under
Cayman Islands law, directors owe the following fiduciary duties: (i) duty to act in good faith in what the director believes to be in
the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and
not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves
in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent
judgment. In addition to the above, directors also owe a duty to act with skill, care and diligence. This duty has been defined as a
requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected
of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge
skill and experience which that director has. As set out above, directors have a duty not to put themselves in a position of conflict
and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances
what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is
full disclosure by the directors
Equity
Compensation Plan Information
We
have not adopted any equity compensation plans.
Outstanding
Equity Awards at Fiscal Year-End
As
of December 31, 2023, we had no outstanding equity awards.
6.D.
Employees
As
of December 31, 2023, we maintained 35 employees in Hong Kong, Malaysia, Singapore and Ireland as follows:
Hong
    Kong
Malaysia
Singapore
Korea
China
Ireland
Management
5
1
-
-
-
-
Finance
4
1
-
-
-
1
Bunkering
5
4
2
1
1
-
IR
    & PR
2
-
-
-
-
-
Corporate
2
-
-
-
-
-
Administration
5
1
-
-
-
-
Total
23
7
2
1
1
1
40
6.E.
Share Ownership
The
following table sets forth, as of the date of this report, the beneficial ownership of our ordinary shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our ordinary shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 25,000,000 ordinary shares
issued and outstanding. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment
power with respect to, or the power to receive the economic benefit of ownership of, the securities. In computing the number of shares
beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to
acquire within 60 days, including through the exercise of any option or other right or the conversion of any other security. However,
these shares are not included in the computation of the percentage ownership of any other person.
Ordinary
    Shares Beneficially Owned
Number
Percentage
                                            Owned
Directors and Executive
    Officers
Teck Lim Chia
(1)
13,175,000
52.7
%
Dato' Sri Kam Choy Ho
(2)
-
-
Logeswaran Ramasamy
–
–
Ulf Lothar Naujeck
–
–
Karen Yee Lynn Cheah
–
–
Koon Liang Ong
–
–
Khai Fei Wong
–
–
Sing Chung Raymond Chiu
–
–
All directors and executive officers as a group
13,175,000
52.7
%
5% and Greater Principal
    Shareholders:
CBL (Asia) Limited
(1)
13,175,000
52.7
%
Straits Energy Resources Berhad
(2)
8,075,000
32.3
%
Xiaoling Lu
(1)
13,175,000
52.7
%
Notes:
(1)
CBL
    (Asia) Limited, or CBL (Asia), a limited liability company incorporated in Hong Kong, is the record holder of the shares reported
    herein. CBL (Asia) is owned as to 51% by Mr. Teck Lim Chia, our Chairman and Chief Executive Officer, 44% by Ms. Xiaoling Lu and
    5% by Mr. Yuan He. By virtue of Mr. Chia and Ms. Lu's control over CBL (Asia), each of them may be deemed to beneficially own
    shares held by CBL (Asia). The registered office of CBL (Asia) is located at Room 1213, 12/F., Tower A, Hunghom Commercial Centre,
    39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
(2)
Straits
    Energy Resources Berhad, or Straits, a Malaysian company whose shares are listed on the ACE Market of Bursa Malaysia Securities Berhad
    (stock code: 0080), is the record holder and beneficial owner of the shares reported herein. The registered office of Straits is
    located at No. 149A, 149B, 151B, Persiaran Raja Muda Musa, 42000 Port Klang, Selangor Darul Ehsan. Straits' board of directors
    has voting and/or dispositive control over the shares held by Straits. Each of the directors and the board of directors of Straits disclaims beneficial
    ownership of the shares of the Company held by Straits.
41
CBL
(Asia) controls a significant ownership interest of the Company and will be able to exercise approximately 52.7% of the total voting
power of the Company's issued and outstanding share capital. The Company is not directly or indirectly owned or controlled by any
foreign government. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.
6.F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
The
board of directors believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that
emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. Accordingly,
the Clawback Policy was adopted by the board of directors of the Company in the board meeting dated November 6, 2023, providing for the
recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial
reporting requirements under the federal securities laws.
According
to the Clawback Policy,
●
The
                                            Policy shall be administered by the Board
●
The
                                            Covered Executives include the Company's current and former executive officers, such
                                            other senior executives/employees of the Company as well as those of the Company's
                                            key subsidiaries.
●
The
                                            Board will require reimbursement or forfeiture of any excess Incentive Compensation received
                                            by any Covered Executive when the Company is required to prepare an accounting restatement.
●
The
                                            amount to be received will be the excess of the Incentive Compensation paid to the Covered
                                            Executive based on the erroneous data over the Incentive Compensation that would have been
                                            paid to the Covered Executive had it been based on the restated results, as determined by
                                            the Board.
●
The
                                            Board will determine the method for recouping Incentive Compensation including but not limited
                                            to reimbursement of cash.
●
The
                                            Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded
                                            Incentive Compensation.
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A.
Major Shareholders
See
"Item 6. Directors, Senior Management and Employees—E. Share Ownership."
7.B.
Related Party Transactions
Except
as set forth below, during our preceding three financial years up to the date of this report, there have been no transactions or loans
between the company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by,
or are under common control with, the company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting
power of the company that gives them significant influence over the company, and close members of any such individual's family;
(d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the
activities of the company, including directors and senior management of companies and close members of such individuals' families;
and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in
(c) or (d) or over which such a person is able to exercise significant influence.
42
As
of December 31, 2021, to 2023, we had the following amounts due from / to related parties which are non-trade related, unsecured and
repayable on demand:
Name of
    related parties
December
    31,
2023
December
    31,
2022
December
    31,
2021
Banle International Holding Limited
-
-
1,509,988
Total
$
-
$
-
$
1,509,988
Note
    1:
CBL
    (Asia) Limited is a company holding 52.7% share of the Company.
Note
    2:
Straits
    Energy Resources Berhad ("Straits") is a company incorporated and listed in Malaysia, holding 32.3% shares of the Company.
Note
    3:
Banle
    International Holding Limited is a company which is 62% shares held by CBL (Asia) Limited and 38% shares held by Straits.
7.C.
Interests of Experts and Counsels
Not
applicable.
ITEM
    8.
FINANCIAL
    INFORMATION
8.A.
Consolidated Statements and Other Financial Information
We
have appended consolidated financial statements filed as part of this annual report.
8.B.
Significant Changes
No
significant change has occurred since the date of our consolidated financial statements filed as part of this annual report.
ITEM
    9.
THE
    OFFER AND LISTING
9.A.
Offer and Listing Details
Our
ordinary shares are listed on the Nasdaq Capital Market under the symbol "BANL," and began trading on March 23, 2023.
9.B.
Plan of Distribution
Not
applicable.
9.C.
Markets
See
our disclosures above under "9.A. Offer and Listing Details."
9.D.
Selling Shareholders
Not
applicable.
9.E.
Dilution
Not
applicable.
9.F.
Expenses of the Issue
Not
applicable.
43
ITEM
    10.
ADDITIONAL
    INFORMATION
10.A.
Share Capital
As
of the date of this annual report, our company's authorized share capital is $50,000 divided into 500,000,000 ordinary shares with
a par value of $0.0001 each. As of the date of this report, 25,000,000 ordinary shares are issued and outstanding. All of our issued
and outstanding ordinary shares are fully paid.
10.B.
Memorandum and Articles of Association
Information
on our Memorandum and Articles of Association is incorporated herein by reference to the section headed "Description Of Share Capital"
of the Company's Registration Statement on Form F-1 in connection with the IPO filed on December 19, 2022 (Registration No. 333-267077).
In
the Annual General Meeting dated November 6, 2023, the Articles of Association was amended as to: (i) allowing general meetings to be
held as a physical meeting, hybrid meeting or a virtual meeting where shareholders may attend by electronic means in addition to being
present in person physically; (ii) publishing the notices of general meetings and other corporate communication on the Company's
website; and (iii) requiring one third of the Directors to retire from office and offer themselves for re-electron at each annual general
meeting.
10.C.
Material Contracts
For
the two years immediately preceding the date of this report, we have not entered into any material contracts other than in the ordinary
course of business and other than those described below and in Item 6 "Directors, Senior Management and Employees," Item
7 "Major Shareholders and Related Party Transactions," or filed (or incorporated by reference) as exhibits to this annual
report or otherwise described or referenced in this annual report.
In
connection with the IPO, the Company entered into an underwriting agreement with Pacific Century Securities, LLC (as representatives
of the underwriters named therein), dated March 22, 2023, attached as Exhibit 1.1 to the Company's Current Report on Form 6-K filed
on March 28, 2023 and incorporated herein by reference.
10.D
.
Exchange Controls
PRC
Foreign Exchange Controls
The
principal regulations governing foreign currency exchanges in the PRC are the Foreign Exchange Administration Regulations of the PRC
which was promulgated by the State Council on 29 January 1996, and which became effective on 1 April 1996 and was subsequently amended
on 14 January 1997 and 5 August 2008, and the Regulation on the Administration of Foreign Exchange Settlement, Sale and Payment which
was promulgated on 20 June 1996 and became effective on 1 July 1996. Under these existing PRC foreign exchange control regulations, all
international payments and transfers are classified into current account items and capital account items. Foreign currency payments under
current account items by domestic institutions, including payments for imports and exports of goods and services and payments of income
and current transfers into and outside the PRC must be either paid with their own foreign currency with valid documentation or with the
foreign currency purchased from financial institutions. Foreign currency income under current account items may be retained or sold to
financial institutions. Foreign currency payments under capital account items include cross-border transfers of capital, direct investments,
securities investments, derivative products and loans, and must be made out of a domestic institution's own foreign currency with
valid documentation or be made with foreign currency purchased from any financial institution. The payments of current account items
can be made in foreign currencies without the prior approval from the SAFE, by complying with certain procedural requirements. However,
payments under the capital account items are subject to significant foreign exchange controls and require the prior approval from the
SAFE or the registration with the SAFE or its designated banks.
44
On
13 February 2015, the SAFE promulgated the Notice of the SAFE on Further Simplifying and Improving the Direct Investment-related Foreign
Exchange Administration Policies (the "SAFE Circular No. 13") effective from 1 June 2015 and was amended on 30 December 2019,
providing that, the foreign exchange registration under domestic direct investment and foreign exchange registration under overseas direct
investment are directly reviewed and handled by banks in accordance with the SAFE Circular No.13, and the SAFE and its branches shall
perform indirect regulation over the foreign exchange registration via banks. On 23 October 2019, SAFE promulgated the Notice of the
SAFE on Further Promoting the Facilitation of Cross-border Trade and Investment (the "SAFE Circular No. 28"), which came
into force on the same day. SAFE Circular No.28 cancels the restriction on domestic equity investment made with capital funds by non-investment
foreign-invested enterprises, expands the pilot program for facilitation of domestic payment under capital account, and relaxes the restriction
on settlement and use of foreign exchange funds under capital account, etc. On 10 April 2020, SAFE promulgated the Notice of the SAFE
on Optimizing Administration of Foreign Exchange to Support the Development of Foreign-related Business. Pursuant to which, eligible
enterprises are allowed to make domestic payments by using their registered capitals, foreign debts and financings from overseas listing,
with no need to provide authenticity certification materials of each of such funds for banks in advance, provided that their funds usage
shall be authentic and in line with the currently effective administrative regulations on the use of funds under capital accounts. The
relevant banks may conduct random inspection in accordance with the relevant requirements, in which case the certain authenticity certification
of such funds may be required to be provided.
According
to the Circular of the State Administration of Foreign Exchange on Further Deepening Reforms to Facilitate Cross-Border Trade and Investment
(Hui Fa [2023] No.28), which was issued and came into effect on 4 December 2023 by the SAFE, the equity transfer consideration paid in
foreign currency by domestic entities owe to domestic equity transferors (including institutions and individuals), as well as the foreign
exchange funds raised by domestic enterprises listed overseas, can be remitted to the capital project settlement account directly. The
funds in the capital project settlement account can be independently settled and utilized.
Cayman
Islands Exchange Controls
There
are no material exchange controls restrictions on payment of dividends, interest or other payments to the holders of our common stock
or on the conduct of our operations in the Cayman Islands, where we were incorporated. There are no material Cayman Islands laws that
impose any material exchange controls on us or that affect the payment of dividends, interest or other payments to nonresident holders
of our common stock. Cayman Islands law and our memorandum and articles of association do not impose any material limitations on the
right of non-residents or foreign owners to hold or vote our common stock.
10.E.
Taxation
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company or its shareholders
levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought
within Cayman Islands. The Cayman Islands is not party to any double-tax treaties that are applicable to any payments made to or by the
Company save and except that the Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010. There
are no foreign exchange controls or foreign exchange regulations or currency restrictions in the Cayman Islands.
45
People's
Republic of China Taxation
Pursuant
to the Arrangement between China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion
on Income, or the Tax Arrangement, where a Hong Kong resident enterprise which is considered a non-PRC tax resident enterprise directly
holds at least 25% of a PRC enterprise, the withholding tax rate in respect of the payment of dividends by such PRC enterprise to such
Hong Kong resident enterprise is reduced to 5% from a standard rate of 10%, subject to approval of the PRC local tax authority. Pursuant
to the Notice of the State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements,
or Circular 81, a resident enterprise of the counter-party to such Tax Arrangement should meet the following conditions, among others,
in order to enjoy the reduced withholding tax under the Tax Arrangement: (i) it must directly own the required percentage of equity interests
and voting rights in such PRC resident enterprise; and (ii) it should directly own such percentage in the PRC resident enterprise anytime
in the 12 months prior to receiving the dividends. Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments
under Tax Treaties (For Trial Implementation), or the Administrative Measures, which became effective in October 2009, requires that
the non-resident enterprises must obtain the approval from the relevant tax authority in order to enjoy the reduced withholding tax rate
under the tax treaties. There are also other conditions for enjoying such reduced withholding tax rate according to other relevant tax
rules and regulations.
Hong
Kong Taxation
The
taxation of income and capital gains of holders of ordinary shares is subject to the laws and practices of Hong Kong and of jurisdictions
in which holders of ordinary shares are resident or otherwise subject to tax. The following summary of certain relevant taxation provisions
under Hong Kong law is based on current law and practice, is subject to changes therein and does not constitute legal or tax advice.
The discussion does not deal with all possible tax consequences relating to an investment in the ordinary shares. Accordingly, each prospective
investor (particularly those subject to special tax rules, such as banks, dealers, insurance companies, tax-exempt entities and holders
of 10% or more of our voting capital stock) should consult its own tax advisor regarding the tax consequences of an investment in the
ordinary shares. The discussion is based upon laws and relevant interpretations thereof in effect as of the date of this report, all
of which are subject to change. There is no reciprocal tax treaty in effect between Hong Kong and the United States.
Tax
on Dividends
Under
the current practices of the Hong Kong Inland Revenue Department, no tax is payable in Hong Kong in respect of dividends paid by us as
a company incorporated in Cayman Islands.
Profits
Tax
No
tax is imposed in Hong Kong in respect of capital gains from the sale of property (such as the ordinary shares). Trading gains from the
sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong
Kong from such trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5%
and 15% on corporations and unincorporated businesses, respectively, and at a maximum rate of 15% on individuals. Liability for Hong
Kong profits tax may thus arise in respect of trading gains from sales of ordinary shares realized by persons carrying on a business
or trading or dealing in securities in Hong Kong.
Malaysia
Taxation
Income
Tax Act 1967
Pursuant
to the Income Tax Act 1967 ("
ITA 1967
"), income tax shall be charged for each year of assessment upon the income of
any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia. Section 7 of ITA 1967 defines tax resident
as an individual who has been residing in Malaysia for 182 days or more of the tax year.
A
company will be a tax resident in Malaysia if its management and control of business are exercised in Malaysia.
Resident
companies with a paid-up capital of RM2,500,000 or more and non-resident companies are subject to a tax rate of 24% with effect from
the year of assessment 2020. In cases of resident companies with a paid-up capital of less than RM2,500,000, they are taxed at the rate
of 17% for the first RM600,000 and 24% for any sum in excess of RM600,000.
46
Withholding
Tax
Malaysia
imposes a withholding tax on certain payments to non-residents, including, without limitation, royalties, technical fees, installation
fees and rental of movable property. The rate of withholding tax is generally between 10% and 15% unless there is a double-taxation agreement
between Malaysia and the country of the non-resident, in which case, the withholding tax rate may be reduced.
Taxes
on Dividends
There
is no further income tax on dividends received from a Malaysian company. Tax imposed on the company's profits will be the final
tax and dividends distributed to the Shareholders will not be subject to further tax.
U.S.
Federal Income Taxation
General
The
following is a summary of the material U.S. federal income tax consequences of owning and disposing of our ordinary shares. The discussion
below of the U.S. federal income tax consequences to "U.S. Holders" will apply to a beneficial owner of our shares that is
for U.S. federal income tax purposes:
1.
an
    individual citizen or resident of the U.S.;
2.
a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the U.S., any state thereof or the District of Columbia;
3.
an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
4.
a
    trust if:
a)
a
    U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to
    control all substantial decisions of the trust; or
b)
it
    has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.
If
a beneficial owner of our shares is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a "Non-U.S. Holder." The U.S. federal income tax
consequences applicable specifically to non-U.S. Holders is described below under the heading "Tax Consequences to Non-U.S. Holders
of Ordinary Shares."
This
summary is based on the Internal Revenue Code of 1986, as amended, or the Code, its legislative history, existing and proposed Treasury
regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject
to change or different interpretations, possibly on a retroactive basis.
This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to us or to any particular Holder of our
shares based on such Holder's individual circumstances. In particular, this discussion considers only Holders that own our shares
as capital assets within the meaning of Section 1221 of the Code. This discussion also does not address the potential application of
the alternative minimum tax or the U.S. federal income tax consequences to Holders that are subject to special rules, including:
1.
financial
    institutions or financial services entities;
2.
broker-dealers;
3.
taxpayers
    who have elected mark-to-market accounting;
4.
tax-exempt
    entities;
47
5.
governments
    or agencies or instrumentalities thereof;
6.
insurance
    companies;
7.
regulated
    investment companies;
8.
real
    estate investment trusts;
9.
certain
    expatriates or former long-term residents of the U.S.;
10.
persons
    that actually or constructively own 5% or more of our voting shares;
11.
persons
    that acquired our shares pursuant to the exercise of employee stock options, in connection with employee stock incentive plans or
    otherwise as compensation;
12.
persons
    that hold our shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or
13.
persons
    whose functional currency is not the U.S. Dollars.
This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S.
tax laws. Additionally, this discussion does not consider the tax treatment of partnerships or other pass-through entities or persons
who hold our securities through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income
tax purposes) is the beneficial owner of our shares, the U.S. federal income tax treatment of a partner in the partnership will generally
depend on the status of the partner and the activities of the partnership. This discussion also assumes that any distribution made (or
deemed made) regarding our shares and any consideration received (or deemed received) by a Holder connected with selling or other disposition
of such shares will be in U.S. Dollars.
We
have not sought, and will not seek, a ruling from the Internal Revenue Service (the "IRS"), or an opinion of counsel as to
any U.S. federal income tax consequence described herein. The IRS may disagree with one or more aspects of the discussion herein, and
its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.
BECAUSE
OF THE COMPLEXITY OF THE TAX LAWS AND BECAUSE THE TAX CONSEQUENCES TO THE COMPANY OR TO ANY PARTICULAR HOLDER OF OUR SECURITIES MAY BE
AFFECTED BY MATTERS NOT DISCUSSED HEREIN, EACH HOLDER OF OUR SECURITIES IS URGED TO CONSULT WITH ITS TAX ADVISOR REGARDING THE SPECIFIC
TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-U.S.
TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND APPLICABLE TAX TREATIES.
Tax
Consequences to U.S. Holders of Ordinary Shares
Taxation
of Distributions Paid on Ordinary Shares
Subject
to the passive foreign investment company, or PFIC, rules discussed below, a U.S. Holder generally will be required to include in gross
income as ordinary income the amount of any cash dividend paid on our ordinary shares. A cash distribution on such shares will be treated
as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated earnings
and profits (as determined for U.S. federal income tax purposes). Such dividend will not be eligible for the dividends-received deduction
generally allowed to domestic corporations regarding dividends received from other domestic corporations. Any distributions in excess
of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in its ordinary shares and, to
the extent in excess of such basis, will be treated as gain from the sale or exchange of such ordinary shares.
48
Regarding
non-corporate U.S. Holders for taxable years beginning before January 1, 2013, dividends may be taxed at the lower applicable long-term
capital gains rate (see "— Taxation on the Disposition of Ordinary Shares" below) provided that:
1.
our
    ordinary shares are readily tradable on an established securities market in the U.S. or, in the event we are deemed to be a Chinese
    "resident enterprise" under the EIT Law, we are eligible for the benefits of the Agreement between the Government of
    the United States of America and the Government of the People's Republic of China for the Avoidance of Double Taxation and
    the Prevention of Tax Evasion regarding Taxes on Income, or the "U.S.-PRC Tax Treaty;"
2.
we
    are not a PFIC, as discussed below, for either the taxable year in which the dividend was paid or the preceding taxable year; and
3.
certain
    holding period requirements are met. Under published IRS authority, shares are considered for purposes of clause (1) above to be
    readily tradable on an established securities market in the U.S. only if they are listed on certain exchanges, which presently include
    the NASDAQ Stock Market but do not include the OTC Bulletin Board.
If
we are not able to maintain listing on Nasdaq, it is anticipated that our ordinary shares will be quoted and traded only on the OTC Bulletin
Board. In that case, any dividends paid on our ordinary shares would not qualify for the lower rate unless we are deemed to be a Chinese
"resident enterprise" under the EIT Law and are eligible for the benefits of the U.S.-PRC Tax Treaty.
Unless
the special provisions described above, dealing with the taxation of qualified dividend income at the lower long-term capital gains rate,
are extended, this favorable treatment will not apply to dividends in taxable years beginning on or after January 1, 2013. U.S. Holders
should consult their own tax advisors regarding the availability of the lower rate for any dividends paid regarding our ordinary shares.
If
PRC taxes apply to dividends paid to a U.S. Holder on our ordinary shares, such U.S. Holder may be entitled to a reduced rate of PRC
tax under the U.S-PRC Tax Treaty. In addition, such PRC taxes may be treated as foreign taxes eligible for credit against such Holder's
U.S. federal income tax liability (subject to certain limitations). U.S. Holders should consult their own tax advisors regarding the
creditability of any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.
Taxation
on the Disposition of Ordinary Shares
Upon
a sale or other taxable disposition of our ordinary shares, and subject to the PFIC rules discussed below, a U.S. Holder should recognize
capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis
in the ordinary shares.
Capital
gains recognized by U.S. Holders generally are subject to U.S. federal income tax at the same rate as ordinary income, except that long-term
capital gains recognized by non-corporate U.S. Holders are generally subject to U.S. federal income tax at a maximum rate of 15% for
taxable years beginning before January 1, 2013 (and 20% thereafter). Capital gain or loss will constitute long-term capital gain or loss
if the U.S. Holder's holding period for the ordinary shares exceeds one year. The deductibility of capital losses is subject to
various limitations.
If
PRC taxes would otherwise apply to any gain from the disposition of our ordinary shares by a U.S. Holder, such U.S. Holder may be entitled
to a reduction in or elimination of such taxes under the U.S.-PRC Tax Treaty. Any PRC taxes that are paid by a U.S. Holder regarding
such gain may be treated as foreign taxes eligible for credit against such Holder's U.S. federal income tax liability (subject
to certain limitations which could reduce or eliminate the available tax credit). U.S. Holders should consult their own tax advisors
regarding the creditability of any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.
U.S.
Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally will be subject to a 3.8% Medicare
contribution tax on unearned income, including, among other things, cash dividends on, and capital gains from the sale or other taxable
disposition of, our ordinary shares, subject to certain limitations and exceptions. U.S. Holders should consult their own tax advisors
regarding the effect, if any, of such tax on their ownership and disposition of our ordinary shares.
49
Passive
Foreign Investment Company Rules
A
foreign (
i.e.
, non-U.S.) corporation will be a PFIC if at least 75% of its gross income in a taxable year of the foreign corporation,
including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value,
is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets in a taxable year of the foreign
corporation, ordinarily determined based on fair market value and averaged quarterly over the year, including its pro rata share of the
assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce,
passive income. Passive income generally includes dividends, interest, rents and royalties (other than certain rents or royalties derived
from the active conduct of a trade or business) and gains from the disposition of passive assets.
Although
PFIC status is determined on an annual basis and generally cannot be determined until the end of a taxable year, based on the nature
of our current and expected income and the current and expected value and composition of our assets, we do not presently expect to be
a PFIC for our current taxable year or the foreseeable future. However, there can be no assurance given in this regard because the determination
of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition
of our income and assets. In addition, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not
successfully challenge our position.
If
we are determined to be a PFIC and a U.S. Holder did not make either a timely qualified electing fund, or QEF, election for our first
taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) ordinary shares, or a mark-to-market election, as described
below, such Holder generally will be subject to special rules regarding:
1.
any
    gain recognized by the U.S. Holder on the sale or other disposition of its ordinary shares; and
2.
any
    "excess distribution" made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder regarding the ordinary
    shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for the
    ordinary shares).
Under
these rules:
1.
the
    U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the ordinary
    shares;
2.
the
    amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
    or to the period in the U.S. Holder's holding period before the first day of our first taxable year in which we are a PFIC,
    will be taxed as ordinary income;
3.
the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and
4.
the
    interest charge generally applicable to underpayments of tax will be imposed regarding the tax attributable to each such year of
    the U.S. Holder.
In
general, a U.S. Holder may avoid the PFIC tax consequences described above in respect to our ordinary shares by making a timely QEF election
to include in income its pro rata share of our net capital gains (as long-term capital gain) and other earnings and profits (as ordinary
income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S. Holder in which or with which our
taxable year ends. There can be no assurance, however, that we will pay current dividends or make other distributions sufficient for
a U.S. Holder who makes a QEF election to satisfy the tax liability attributable to income inclusions under the QEF rules, and the U.S.
Holder may have to pay the resulting tax from its other assets. A U.S. Holder may make a separate election to defer the payment of taxes
on undistributed income inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge.
50
The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company
or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S. federal
income tax return for the tax year to which the election relates.
Retroactive
QEF elections generally may be made only by filing a protective statement with such return and if certain other conditions are met or
with the consent of the IRS. To comply with the requirements of a QEF election, a U.S. Holder must receive certain information from us.
Upon request from a U.S. Holder, we will endeavor to provide to the U.S. Holder no later than 90 days after the request such information
as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF
election. However, there is no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required
information to be provided.
If
a U.S. Holder has made a QEF election regarding our ordinary shares, and the special tax and interest charge rules do not apply to such
shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) such
shares), any gain recognized on the appreciation of our ordinary shares generally will be taxable as capital gain and no interest charge
will be imposed. As discussed above, U.S. Holders of a QEF are currently taxed on their pro rata shares of its earnings and profits,
whether or not distributed. In such case, a subsequent distribution of such earnings and profits that were previously included in income
generally should not be taxable as a dividend to those U.S. Holders who made a QEF election. The tax basis of a U.S. Holder's shares
in a QEF will be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under
the above rules. Similar basis adjustments apply to property if by reason of holding such property the U.S. Holder is treated under the
applicable attribution rules as owning shares in a QEF.
A
determination as to our PFIC status will be made annually. But, an initial determination that our Company is a PFIC will generally apply
for subsequent years to a U.S. Holder who held ordinary shares while we were a PFIC, whether or not we meet the test for PFIC status
in those years. A U.S. Holder who makes the QEF election discussed above for our first taxable year as a PFIC in which the U.S. Holder
holds (or is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above
in respect to such shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime regarding such shares for any
taxable year of ours that ends within or with a taxable year of the U.S. Holder and in which we are not a PFIC. But, if the QEF election
is not effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds (or is deemed to hold) our ordinary shares,
the PFIC rules discussed above will continue to apply to such shares unless the Holder makes a purging election, and pays the tax and
interest charge regarding the gain inherent in such shares attributable to the pre-QEF election period.
Alternatively,
if a U.S. Holder, at the close of its taxable year, owns shares in a PFIC that are treated as marketable stock, the U.S. Holder may make
a mark-to-market election regarding such shares for such taxable year. If the U.S. Holder makes a valid mark-to-market election for the
first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) shares in us and for which we are determined
to be a PFIC, such Holder generally will not be subject to the PFIC rules described above in respect to its ordinary shares. Instead,
in general, the U.S. Holder will include as ordinary income each year the excess, if any, of the fair market value of its ordinary shares
at the end of its taxable year over the adjusted basis in its ordinary shares. The U.S. Holder also will be allowed to take an ordinary
loss regarding the excess, if any, of the adjusted basis of its ordinary shares over the fair market value of its ordinary shares at
the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market
election). The U.S. Holder's basis in its ordinary shares will be adjusted to reflect any such income or loss amounts, and any
further gain recognized on a sale or other taxable disposition of the ordinary shares will be treated as ordinary income.
51
The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the SEC, or on a foreign exchange or market that the IRS determines has rules sufficient to establish that the market price represents
a legitimate and sound fair market value. We became listed on the NASDAQ Stock Market in March 2023, but if we are not able to maintain
such a listing, our ordinary shares may be quoted and traded only on the OTC Bulletin Board. If our ordinary shares were to be quoted
and traded only on the OTC Bulletin Board, such shares may not currently qualify as marketable stock for purposes of the election. U.S.
Holders should consult their own tax advisors regarding the availability and tax consequences of a mark-to-market election in respect
to our ordinary shares under their particular circumstances.
If
we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders generally would be deemed to own
a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described
above if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC. Upon request, we will endeavor
to cause any lower-tier PFIC to provide to a U.S. Holder no later than 90 days after the request the information that may be required
to make or maintain a QEF election regarding the lower-tier PFIC. However, there is no assurance that we will have timely knowledge of
the status of any such lower-tier PFIC or will be able to cause the lower-tier PFIC to provide the required information. U.S. Holders
are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.
If
a U.S. Holder owns (or is deemed to own) shares during any year in a PFIC, such Holder may have to file an IRS Form 8621 (whether or
not a QEF election or mark-to-market election is made).
The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in addition
to those described above. Accordingly, U.S. Holders of our ordinary shares should consult their own tax advisors concerning the application
of the PFIC rules to our ordinary shares under their particular circumstances.
Tax
Consequences to Non-U.S. Holders of Ordinary Shares
Dividends
paid to a non-U.S. Holder in respect to its ordinary shares generally will not be subject to U.S. federal income tax, unless the dividends
are effectively in connection with the non-U.S. Holder's conduct of a trade or business within the U.S. (and, if required by an
applicable income tax treaty, are attributable to a permanent establishment or fixed base that such Holder maintains in the U.S.).
In
addition, a non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition
of our ordinary shares, unless such gain is effectively in connection with its conduct of a trade or business in the U.S. (and, if required
by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such Holder maintains in the U.S.)
or the non-U.S. Holder is an individual who is present in the U.S. for 183 days or more in the taxable year of sale or other disposition
and certain other conditions are met (in which case, such gain from U.S. sources generally is subject to tax at a 30% rate or a lower
applicable tax treaty rate).
Dividends
and gains that are effectively in connection with the non-U.S. Holder's conduct of a trade or business in the U.S. (and, if required
by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the U.S.) generally will be subject
to tax in the same manner as for a U.S. Holder and, in the case of a non-U.S. Holder that is a corporation for U.S. federal income tax
purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.
Backup
Withholding and Information Reporting
In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on our ordinary shares within
the U.S. to a non-corporate U.S. Holder and to the proceeds from sales and other dispositions of our ordinary shares by a non-corporate
U.S. Holder to or through a U.S. office of a broker. Payments made (and sales and other dispositions effected at an office) outside the
U.S. will be subject to information reporting in limited circumstances. In addition, backup withholding of United States federal income
tax, currently at a rate of 28%, generally will apply to dividends paid on our ordinary shares to a non-corporate U.S. Holder and the
proceeds from sales and other dispositions of shares by a non-corporate U.S. Holder, in each case who:
1.
fails
    to provide an accurate taxpayer identification number;
2.
is
    notified by the IRS that backup withholding is required; or
3.
in
    certain circumstances, fails to comply with applicable certification requirements.
52
Unless
current individual income tax rates are extended, the backup withholding rate will increase to 31% for payments made on or after January
1, 2013. A non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification
of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.
Backup
withholding is not an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. Holder's
or a non-U.S. Holder's U.S. federal income tax liability and may entitle such Holder to a refund, provided that certain required
information is timely furnished to the IRS. Holders are urged to consult their own tax advisors regarding the application of backup withholding
and the availability of and procedure for obtaining an exemption from backup withholding in their particular circumstances.
For
taxable years beginning after March 18, 2010, individual U.S. Holders may be required to report ownership of our ordinary shares and
certain related information on their individual federal income tax returns in certain circumstances. Generally, this reporting requirement
will apply if: (1) the ordinary shares are held in an account of the individual U.S. Holder maintained with a "foreign financial
institution"; or (2) the ordinary shares are not held in an account maintained with a "financial institution," as such
terms are defined in the Code. The reporting obligation will not apply to an individual, however, unless the total aggregate value of
the individual's foreign financial assets exceeds $50,000 during a taxable year.
For
clarification, this reporting requirement should not apply to ordinary shares held in an account with a U.S. brokerage firm. Not complying
with this reporting requirement, if it applies, will result in substantial penalties. In certain circumstances, additional tax and other
reporting requirements may apply. U.S. Holders of our ordinary shares are advised to consult with their own tax advisors concerning all
such reporting requirements.
10.F.
Dividends and Paying Agents
Not
applicable.
10.G.
Statement by Experts
Not
applicable.
10.H.
Documents on Display
We
have filed this annual report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.
We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC's Internet site at http://www.sec.gov. The SEC's telephone number is 1-800-SEC-0330. In accordance
with NASDAQ Stock Market Rule 5250(d), we will also post this annual report on Form 20-F on our website at https://www.banle-intl.com.
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.
53
10.I.
Subsidiary Information
Please
see Item 4.A "Information on the Company – History and Development of the Company" above.
10.J.
Annual Report to Security Holders
Not
applicable.
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Exchange Risk
Our
functional currency is the U.S. dollars, and our financial statements are also presented in U.S. dollars. Our Group's business
activities and our assets and liabilities were denominated in our functional currency. We consider our Group is not exposed to significant
foreign currency risk as majority of our operations and transactions are denominated in our functional currency. We currently do not
have a foreign currency hedging policy. However, we monitor foreign exchange exposure and will consider hedging significant foreign currency
exposure should the need arise.
Interest
Rate Risk
We
are not exposed to interest rate risk. The only interest-bearing instrument that we have is the account receivable discounting facility
(on without recourse basis) from commercial bank which are short termed with tenor of less than 45 days, and the interest costs are calculated
on floating rate basis.
Market
Price Risk
We
are not currently exposed to commodity price risk or market price risk.
Inflation
Inflation
does not materially affect our business or the results of our operations.
Seasonality
Seasonality
does not materially affect our business or the results of our operations.
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A.
Debt Securities
Not
applicable.
12.B.
Warrants and Rights
Not
applicable.
12.C.
Other Securities
Not
applicable.
12.D.
American Depositary Shares
Not
applicable.
54
PART
II.
ITEM
  13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
  14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS
14.E.
Use of Proceeds
On
March 22, 2023, the registration statement (File No. 333-267077) (the "Registration Statement") relating to the Company's
IPO was declared effective by the Securities and Exchange Commission. In connection therewith, the Company entered into an underwriting
agreement with Pacific Century Securities, LLC (as representatives of the underwriters named therein), dated March 22, 2023. On March
27, 2023, the Company consummated the IPO of 3,325,000 ordinary shares, par value $0.0001 per share at a price of $4.0 per share (the
"Offering Price"), pursuant to the Underwriting Agreement. The underwriters were granted a 45-day option to purchase up to
additional 498,750 Ordinary Shares to cover over-allotments, if any. The underwriters exercised their over-allotment option in part and,
on March 23, 2023, the underwriters purchased an additional 425,000 Ordinary Shares at the Offering Price.
The
IPO (including the sale of the Ordinary Shares to cover over-allotment) generated gross proceeds to the Company of $15,000,000. We incurred
a total of $3,960,000 listing expenses and the net offering proceeds to us after deducting the total expenses was $11,040,000. As of
December 31, 2023, we had utilized the IPO proceeds for expanding our service network to Singapore, South Korea and Europe, exploring
and conducting biofuel operation, developing a centralized management information system and general working capital.
ITEM
  15.
CONTROLS AND PROCEDURES
(a)
Disclosure controls and procedures
Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted
an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under
the Exchange Act. Controls and other procedures that are designed to provide reasonable assurance that the information that we are required
to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including
our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
Based
on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were
effective as of December 31, 2022.
(b)
Management's annual report on internal control over financial reporting
The
management of the Company is responsible for establishing, maintaining, and assessing the effectiveness of internal control over financial
reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, under the supervision of our chief executive officer
and chief financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with US GAAP. Internal control over financial reporting
includes policies and procedures that:
●
pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
    assets of the Company;
55
●
provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    US GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and
    directors of the Company; and
●
provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's
    assets that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with existing policies or procedures may deteriorate.
Under
the supervision of our chief executive officer and chief financial officer, our management conducted an assessment of our internal control
over financial reporting as of December 31, 2022, based on the framework and criteria established in
Internal Control — Integrated
Framework (2013),
issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis. In connection with management's assessment of our internal control over financial reporting described above,
management has not identified any material weakness in our internal control over financial reporting as of December 31, 2022. We concluded
that our internal control over financial reporting was effective as of December 31, 2022.
Management
believes that our consolidated financial statements included in this annual report on Form 20-F have been prepared in accordance with
generally accepted accounting principles. Our chief executive officer and chief financial officer have certified that, based on such
officer's knowledge, the financial statements and other financial information included in this annual report on Form 20-F fairly
present in all material respects the financial position, results of operations and cash flows of the Company as of, and for, the periods
presented in this report. In addition, we are determining a remediation plan for the material weaknesses, which plan is described below.
(c)
Attestation report of the registered public accounting firm
This
annual report does not include an attestation report of the Company's registered public accounting firm on internal control over
financial reporting because the Company is a non-accelerated filer exempted from Section 404(b) of the Sarbanes-Oxley Act.
(d)
Changes in Internal Controls over Financial Reporting
There
were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during
the year ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal controls
over financial reporting.
ITEM
  16A.
AUDIT COMMITTEE FINANCIAL EXPERT
Our
board of directors has determined that Mr. Koon Liang Ong, an independent director (under the standards set forth in set forth in Nasdaq
Stock Market Rule 5605(a)(2) and Rule 10A-3 under the Exchange Act) and the chairman of our audit committee, is our audit committee financial
expert.
ITEM
  16B.
CODE OF ETHICS
We
have adopted a code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers
responsible for financial reporting. The most recent version is available on the Investor Relations section of our website at https://www.banle-intl.com.
The information contained on our website is not incorporated by reference into this annual report. If we make any substantive amendments
to the code or grant any waiver from a provision of the code to any executive officer or director, we will promptly disclose the nature
of the amendment or waiver on our website, as well as via any other means required by applicable law.
56
ITEM
  16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by MRI Moores Rowland ("MRI") and for the year ended December 2023. For the year ended December 31, 2022, professional services
were rendered by Wei Wei & Co, LLP ("WW"). We did not pay any other fees to WW during the periods indicated below.
Year Ended December 31,
2023
2022
Audit Fees
$
290,000
$
410,000
Audit-Related Fees
-
38,459
Tax Fees
-
-
All Other Fees
-
-
TOTAL
$
290,000
$
448,459
"Audit
Fees" consisted of the aggregate fees billed for professional services paid for the audit of our annual financial statements and
the reviews of the financial statements included in our Forms 10-Q as previously filed and for any other services that were normally
provided in connection with our statutory and regulatory filings or engagements.
"Audit
Related Fees" consisted of the aggregate fees billed for professional services rendered for assurance and related services that
were reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit
Fees.
"Tax
Fees" consisted of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning.
Included in such Tax Fees were fees for preparation of our tax returns and consultancy and advice on other tax planning matters.
"All
Other Fees" consisted of the aggregate fees billed for products and services provided and not otherwise included in Audit Fees,
Audit Related Fees or Tax Fees.
ITEM
  16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
  16E
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
There
were no purchases of equity securities made by or on behalf of us or any "affiliated purchaser" as defined in Rule 10b-18
of the Exchange Act during the period covered by this annual report.
ITEM
  16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
None.
ITEM
  16G.
CORPORATE GOVERNANCE
As
a Cayman Islands company listed on the Nasdaq Capital Market, we are subject to Nasdaq Stock Market corporate governance listing standards.
However, the Nasdaq Stock Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home
country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from Nasdaq
Stock Market corporate governance listing standards. Shareholders of Cayman Islands exempted companies like us have no general rights
under Cayman Islands law to inspect corporate records or to obtain copies of register of members of these companies (other than the memorandum
and articles of association, special resolutions, and the register of mortgages and charges). Our directors have discretion under our
articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders,
but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
57
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.
ITEM
  16H.
MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
  16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS
Not
applicable.
ITEM
    16J.
INSIDER
    TRADING POLICIES
The
Board adopted the Insider Trading Policy on March 21, 2023, and a copy of the Insider Trading Policy is filed as an exhibit to this annual
report.
ITEM
    16K.
CYBERSECURITY
Risk
Management and strategy
We
have implemented and maintained information security processes designed to identify, assess and manage material risks from cybersecurity
threats to our information systems and critical data, including intellectual property and confidential information that is proprietary,
strategic or competitive in nature. We have also maintained critical internal computer networks, as well as third-party hosted services,
communications systems, hardware and software.
Our
management in conjunction with our third-party service providers helps to identify, assess and manage our cybersecurity threats and risks
by monitoring and evaluating our threat environment and risk profile. We use a number of methods to monitor cyber risks, including manual
and automated tools, internal and external threat assessments, and internal and external vulnerability assessments.
Depending
on the environment and system we operate, we have implemented and maintained several technical, physical, and organizational measures,
processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our systems and data.
These include IT policies and procedures, an information security policy, backup systems, establishment of network security controls,
and regular employee awareness communications,.
We
also integrate our assessment and management of material risks from cybersecurity threats into our overall risk management processes.
Despite
these measures, we may not be successful in preventing, mitigating or recovering from a cybersecurity incident, which could have a material
adverse effect on our operations or financial results or reputation. For a description of the primary risks from cybersecurity threats
that may materially affect our business and how they may do so, see Part I, Item 1A. Risk Factors in this report, including "—
Our networks and those of our third-party service providers may be vulnerable to cybersecurity risks."
58
Governance
Our
independent Directors address cybersecurity risk management as part of its general oversight function. The independent Directors oversee
our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Our
cybersecurity risk assessment and management processes are implemented and maintained by members of our management team who is responsible
for hiring appropriate personnel, integrating cybersecurity risk considerations into our overall risk management strategy and communicating
key priorities to relevant personnel and approving budgets, developing cybersecurity incident response plans, approving cybersecurity
processes and reviewing security assessments and other security-related reports.
Information
regarding cyber incidents is reported at the monthly meeting of the management or sooner if warranted. The management will work with
the IT team to help mitigate and remediate cybersecurity incidents of which they are notified. The management is responsible for reporting
cybersecurity incidents to the Board.
PART
III
ITEM
  17.
FINANCIAL STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
  18.
FINANCIAL STATEMENTS
Our
consolidated financial statements are included at the end of this annual report.
ITEM
  19.
EXHIBITS
Exhibit
                                            No.
Description
                                            of Exhibit
1.1
Second Amended and Restated Memorandum of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 6-K filed with the Securities and Exchange Commission on March 28, 2023).
1.2
Amended and Restated Articles of Association of the Company (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 6-K filed with the Securities and Exchange Commission on March 28, 2023).
2.1
Specimen Ordinary Share (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).
2.2*
Description of Securities
4.1
Underwriting Agreement dated March 22, 2023 (incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form 6-K filed with the Securities and Exchange Commission on March 28, 2023).
4.2
Form of Agreement with the Registrant's directors (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).
4.3
Form of Employment Agreement between the Registrant and its executive officers (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).
4.4
Form of Agreement with the Registrant's independent directors (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).
59
Exhibit
    No.
Description
    of Exhibit
8.1
*
List of subsidiaries of the Registrant
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-267077) filed with the Securities and Exchange Commission on February 27, 2023).
11.2*
Clawback Policy
12.1*
CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1*
CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2*
CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97*
Insider Trading Policy
99*
Regulations which may affect our business activities
101.INS*
Inline
    XBRL Instance Document.
101.SCH*
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
*
Filed
    with this annual report on Form 20-F
60
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
CBL
    International Limited
By:
/s/
    Teck Lim CHIA
Name:
Teck
    Lim CHIA
Title:
Chief
    Executive Officer
Date:
April 18, 2024
61
INDEX
TO THE CONSOLIDATED FINANCIAL STATEMENTS
CBL
INTERNATIONAL LIMITED
CONSOLIDATED
FINANCIAL STATEMENTS
AS
OF AND FOR THE YEARS ENDED
DECEMBER
31, 2023 AND 2022
TABLE
OF CONTENTS
Page(s)
Report of Independent Registered Public Accounting Firm
(PCAOB ID: 6955)
F-2
Consolidated Balance Sheets as of December 31, 2023 and 2022
F-3
Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2023 and 2022
F-4
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2023 and 2022
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022
F-6
Notes to the Consolidated Financial Statements
F-7
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
CBL INTERNATIONAL LIMITED AND SUBSIDIARIES
Opinion on the consolidated Financial Statements
We have audited the accompanying consolidated
balance sheets of CBL International Limited and Subsidiaries (the "Company") as of December 31, 2023 and 2022, the
related consolidated statements of operations and comprehensive income, changes in shareholders' equity, and cash flows for
each of the years in the two-year period ended December 31, 2023, and the related notes (collectively referred to as the
"consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial positions of the Company as of December 31, 2023 and 2022, and the consolidated results of its
operations and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provide
a reasonable basis for our opinion.
/s/
MRI Moores Rowland LLP
We have served as the Company's auditor
since 2024.
PCAOB ID No.:
6955
Singapore
April 18, 2024
F-
2
CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Expressed
in U.S. dollars, except for the number of shares)
December 31,
December 31,
2023
2022
Assets:
Current Assets
Cash
$
7,402,890
$
5,032,890
Accounts receivable
25,125,851
18,446,176
Derivative assets
28,776
-
Prepayments and other current assets
19,317,189
253,779
Tax recoverable
252,209
-
Total current assets
52,126,915
23,732,845
Property, plant and equipment, net
996,512
394,090
Right-of-use lease assets, net
338,481
341,625
Deferred offering costs
-
1,128,453
Total assets
$
53,461,908
$
25,597,013
Liabilities and Shareholders' Equity:
Liabilities
Current liabilities
Accounts payable
$
27,452,815
$
12,652,514
Taxes payable
-
244,096
Accrued expenses and other current liabilities
343,813
125,701
Derivative liabilities
-
109,346
Short-term lease liabilities
177,761
124,095
Total current liabilities
27,974,389
13,255,752
Long-term lease liabilities
194,373
229,076
Total liabilities
28,168,762
13,484,828
Commitment and contingencies
-
Shareholders' equity:
Ordinary shares, $
0.0001
per value,
500,000,000
shares authorized,
25,000,000
and
21,250,000
shares issued and outstanding as of December 31, 2023 and 2022 respectively
*
2,500
2,125
Additional paid-in capital
12,536,087
488,198
Retained earnings
12,761,088
11,621,862
Total stockholders' equity
25,299,675
12,112,185
Noncontrolling interests in subsidiaries
(
6,529
)
-
Total liabilities and equity
$
53,461,908
$
25,597,013
*
Gives
    retroactive effect to reflect the reorganization in August 2022.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Expressed
in U.S. dollars, except for the number of shares)
For the Years Ended December 31,
2023
2022
Revenue
$
435,897,718
$
462,906,257
Cost of revenue
428,686,593
453,781,238
Gross profit
7,211,125
9,125,019
Operating expenses:
Selling and distribution
1,242,157
1,212,108
General and administrative
4,307,141
3,152,568
Total operating costs and expenses
5,549,298
4,364,676
Income from operations
1,661,827
4,760,343
Other (income) expense:
Interest expense, net
231,633
259,993
Currency exchange (gain) loss
(
1,674
)
(
45,767
)
Write off of property, plant and equipment
613
48,399
Others
-
(
1,750
)
Total other expenses
230,572
260,875
Income before provision for income taxes
1,431,255
4,499,468
Provision for income taxes
298,605
814,468
Net income
$
1,132,650
$
3,685,000
Comprehensive income
$
1,132,650
$
3,685,000
Attributable to:
Equity holders of the Company
$
1,139,226
$
3,685,000
Non-controlling interests
(
6,576
)
-
$
1,132,650
$
3,685,000
Basic and diluted earnings per ordinary share*
$
0.045
$
0.171
Weighted average number of ordinary shares outstanding - basic and diluted*
25,000,000
21,250,000
*
Gives
    retroactive effect to reflect the reorganization in August 2022.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Expressed
in U.S. dollars, except for the number of shares)
Ordinary
shares*
Ordinary
shares
amount
Additional
paid-in
capital
Retained
earnings
Non-
Controlling
interests
Total
equity
January 1, 2022
*
21,250,000
$
2,125
$
488,198
$
7,936,862
$
-
$
8,427,185
Net income
-
-
-
3,685,000
-
3,685,000
December 31, 2022
*
21,250,000
2,125
488,198
11,621,862
-
12,112,185
Issuance of shares net of share offering costs
3,750,000
375
12,047,889
-
-
12,048,264
Non-controlling interest arising on incorporation of new subsidiary
-
-
-
-
47
47
Net income
-
-
-
1,139,226
(
6,576
)
1,132,650
December 31, 2023
25,000,000
$
2,500
$
12,536,087
$
12,761,088
$
(
6,529
)
$
25,293,146
*
Gives
    retroactive effect to reflect the reorganization in August 2022.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
CBL
INTERNATIONAL LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Expressed
in U.S. dollars)
For the Years Ended December 31,
2023
2022
Cash Flows from operating activities:
Net income
$
1,132,650
$
3,685,000
Adjustment to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization
170,826
88,175
Depreciation of right-of-use assets
142,888
94,865
Write off of property, plant and equipment
613
48,399
Early termination of lease
-
(
1,750
)
Change in fair value of derivative
(
138,122
)
109,346
Changes in operating assets and liabilities
Accounts receivable
(
6,679,675
)
(
402,941
)
Prepayments and other current assets
(
19,042,364
)
3,580,806
Due from related parties
-
1,509,988
Accounts payable
14,779,300
(
5,644,677
)
Accrued expenses and other liabilities
218,115
78,242
Derivatives
-
291,860
Lease liabilities
(
120,781
)
(
83,859
)
Taxes payable
(
496,305
)
145,679
Net cash (used in)/provided by operating activities
(
10,032,854
)
3,499,133
Cash flows from investing activities:
Purchase of property, plant and equipment
(
773,863
)
(
373,111
)
Net cash used in investing activities
(
773,863
)
(
373,111
)
Cash flows from financing activities:
Proceed from issuance of shares net of share offering costs
13,176,717
-
Deferred offering costs
-
(
1,128,453
)
Net cash provided by /(used in) financing activities
13,176,717
(
1,128,453
)
Net increase in cash
2,370,000
1,997,569
Cash at the beginning of the year
5,032,890
3,035,321
Cash at the end of the year
$
7,402,890
$
5,032,890
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid during the year for:
Interest
$
302,486
$
261,703
Income taxes
$
794,910
$
688,790
NON-CASH TRANSACTION OF INVESTING AND FINANCING ACTIVITIES
Operating lease right-of-use asset and lease liabilities
$
496,230
$
370,439
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed
in U.S. dollars, unless stated otherwise)
1.
Organization and Principal Business
CBL
International Limited ("CBL International") was incorporated on February 8, 2022 in the Cayman Islands. CBL International
is a holding company without any operations, and owns
100
% of Banle International Group Limited ("Banle BVI") which was incorporated
in the British Virgin Islands (collectively, the "Company").
The
Company is a marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering facilitator
in the bunkering industry.   As a bunkering facilitator, the Company facilitates vessel refueling between ship operators and
local physical distributors/traders by purchasing marine fuel, including both fossil fuel and alternative fuel, from our suppliers and
arranging for the marine fuel to be delivered by the suppliers to our customers.
Business
Reorganization and Listing of shares in Nasdaq
A
reorganization of the Company's legal entity structure was completed in August 2022. The reorganization involved the incorporation
of CBL International in February 2022, and the acquisition of Banle BVI by CBL International in August 2022. This transaction was treated
as a recapitalization of the Company under common control and the financial statements give a retroactive effect to this transaction.
Banle
BVI was set up in July 2020 with
50,000
shares at $
1.00
per share issued to Mr. Chia. In February 2021, Banle BVI issued
490,323
shares
in total, of comprised
304,000
shares to CBL (Asia) Limited ("CBL (Asia)") and
186,323
shares to Straits Energy Resources
Berhad ("Straits"). The
50,000
shares originally issued to Mr. Chia were surrendered and cancelled at the same time.
CBL
International was incorporated in the Cayman Islands with limited liability in February 2022, by issuing and allotting
50,000
shares
at par value of $
0.01
per share to Mr. Chia. In March 2022, each issued and unissued share was subdivided into
100
shares. Each share
par value was reduced to $
0.0001
, and the authorized share capital was amended to
500,000,000
shares with $
0.0001
par value per share.
The number of shares held by Mr. Chia increased from
50,000
to
5,000,000
with a par value of $
0.0001
each.
In
August 2022, CBL (Asia) and Straits, as vendors, and CBL International, as purchaser, entered into a sale and purchase agreement, pursuant
to which CBL International acquired the entire issued share capital of Banle BVI from its existing shareholders, CBL (Asia) and Straits,
in consideration of which CBL International issued and allotted
13,175,000
shares and
8,075,000
shares, credited as fully paid, to CBL
(Asia) and Straits, respectively. Upon completion of issuance and allotment of the shares to CBL (Asia) and Straits, the
5,000,000
shares
of CBL International issued to Mr. Chia were surrendered and cancelled; and CBL International became the
100
% shareholder of Banle BVI
and itself being owned
62
% by CBL (Asia) and
38
% by Straits.
On
March 23, 2023, the Company consummated the initial public offering of
3,325,000
ordinary shares, par value of $
0.0001
per share at a
price of $
4.00
per share (the "Offering"), The Company's underwriters exercised their over-allotment option in part
for an additional
425,000
ordinary shares on March 27, 2023 ("Over-allotment Option"). The Over-allotment Option was closed
with the Offering. Upon completion of the Offering
3,750,000
new shares were issued , and the ordinary share capital of the Company became
$
2,500
, representing
25,000,000
shares of $
0.0001
par value.
The
total number of ordinary shares issued and outstanding as of December 31, 2023 was
25,000,000
shares. The Company's ordinary shares
began trading on the Nasdaq Capital Market on March 23, 2023 under the ticker symbol "BANL".
Upon
completion of issuance of the shares under the Offering, CBL International is effectively owned
52.7
% by CBL (Asia),
32.3
% by Straits
and
15.0
% by public shareholders.
Incorporation
of new subsidiaries
Banle
Energy (Europe) Limited
Banle
Energy (Europe) Limited ("Banle Europe") was incorporated in Ireland in October 2023 as a limited liability company and focuses
on management and administration of the Group's businesses in Europe.
Banle
Energy (Ireland) Limited
Banle
Energy (Ireland) Limited ("Banle Ireland") was incorporated in Ireland in October 2023 as a limited liability company and
focuses on sales and distribution of marine fuel. Banle Ireland is
55
% owned by the Group
F-
7
The
companies of the Group are listed as follows:
Entity
    Name
Place
    of Incorporation
Percentage
of ownership
Principal
    activities
CBL
    International Limited
Cayman
    Islands
Parent
Ultimate
    holding Company
Banle
    International Group Limited
British
    Virgin Islands
100
%
    by CBL International
Investment
    holding
Banle
    International Marketing Limited
Labuan,
    Malaysia
100
%
    by Banle BVI
Marketing
    service
Banle
    International (Malaysia) Sdn. Bhd.
Kuala
    Lumpur, Malaysia
100
%
    by Banle BVI
Sales
    and distribution of marine fuel
Banle
    Energy International Limited ("Banle HK")
Hong
    Kong
100
%
    by Banle BVI
Sales
    and distribution of marine fuel
Reliance
    (China) Limited
Hong
    Kong
100
%
    by Banle HK
Business
    management
Banle
    International (China) Limited ("Banle China")
Hong
    Kong
100
%
    by Banle BVI
Investment
    holding
Majestic
    Energy (Shenzhen) Co. Limited
PRC
100
%
    by Banle China
Investment
    holding (Dormant)
Majestic
    Energy (Singapore) Pte Limited ("Majestic Singapore")
Singapore
100
%
    by Banle BVI
Sales
    and distribution of marine fuel
Banle
    Energy (Europe) Limited ("Banle Europe")
Ireland
100
%
    by Banle BVI
Business
    management
Banle
    Energy (Ireland) Limited ("Banle Ireland")
Ireland
55
%
    by Banle Europe
Sales
    and distribution of marine fuel
2.
Summary of Significant Accounting Policies
A.
Basis of Presentation and Consolidation
The
consolidated financial statements and related notes include all the accounts of the Company and its wholly owned subsidiaries. The consolidated
financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP"). All intercompany transactions have been eliminated in consolidation.
B.
Use of Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions
that affect the amounts reported and disclosed in the consolidated financial statements and related notes. The most significant estimates
and judgments include the allowance for doubtful accounts, useful life of property, plant and equipment, income taxes and uncertain tax
positions. Actual amounts could differ from those estimates.
C.
Functional Currency and Foreign Currency Translation
The
functional currency of the Company and its subsidiaries is the U.S. dollar ("US$"). Foreign currency transaction gains and
losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign
currency transaction gains and losses are recognized for changes between the transaction exchange rates and month-end exchange rates.
Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying consolidated statements
of income and comprehensive income in the period incurred.
F-
8
D.
Certain Risks and Concentration
The
Company's financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily
of cash and cash equivalents. A depositor has up to RMB
500,000
(approximately $
72,000
) insured by the People's Bank of China Financial
Stability Bureau ("FSD"). As of December 31, 2023, the Company's cash was below RMB
500,000
and so it that fully insured.
The Hong Kong Deposit Protection Board insures up to a limit of HK$
500,000
(approximately $
64,000
) if the bank with which an individual/a
company hold its eligible deposit fails. As of December 31, 2023, approximately $
4,709,000
was not insured by the Hong Kong Deposit Protection
Board. While management believes that these financial institutions and platform fund holders are of high credit quality, it continually
monitors their credit worthiness.
Major
Customers and Suppliers
During
the years ended December 31, 2023 and 2022, three of the Company's customers accounted for more than 10% of revenue:
2023
2022
Revenue:
Customer A
38.6
%
39.7
%
Customer B
11.0
%
11.3
%
As
at December 31, 2023 and 2022, the following customers accounted for more than 10% of the Company's accounts receivable:
2023
2022
Accounts receivable:
Customer A
7.9
%
22.4
%
Customer B
13.8
%
3.0
%
Customer I
14.7
%
-
%
Customer J
15.6
%
-
%
The
top three suppliers that individually represented greater than 10% of total cost of revenue of the Company for the years ended December
31, 2023 and 2022 were as follows:
2023
2022
Cost of revenue:
Supplier A
15.7
%
30.7
%
Supplier B
2.7
%
10.4
%
Supplier C
13.4
%
17.4
%
As
at December 31, 2023 and 2022, the following suppliers accounted for more than 10% of the Company's accounts payable:
2023
2022
Accounts payable:
Supplier B
1.7
%
13.1
%
Supplier C
18.7
%
26.3
%
Supplier E
18.5
%
7.9
%
Supplier F
14.1
%
-
%
Supplier I
-
%
21.5
%
Supplier J
-
%
12.0
%
E.
Cash
Cash
consists of petty cash on hand, and cash held in banks which are highly liquid and are unrestricted as to withdrawal or use.
F-
9
F.
Accounts Receivable and Allowance for Credit Losses
Accounts
receivable represent trade receivables from customers. The health of our accounts receivable is continuously monitored using a risk-based
model, taking into consideration both the timeliness and predictability of collections from our customers. We maintain a provision for
estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that
we have identified from current financial information and business prospects, as well as any political or economic conditions or other
market factors, including certain assumptions based on reasonable forward-looking information from market sources. Principally based
on these credit risk factors.
Individual
receivables written off when there is information indicating that the counterparty is in severe financial difficulty and the amounts
are deemed uncollectible. An accounts receivable written off may still be subject to enforcement activities under our recovery procedures,
taking into account legal advice where appropriate. Any subsequent recoveries made are recognized as income in the Consolidated Statements
of Income and Comprehensive Income.
G.
Fair value measurements
Fair
value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the
absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical
transaction between market participants at the measurement date.
Depending
on the type of assets, the Company calculates the fair value using the income approach (e.g., based on the present value of estimated
future cash flows), the market approach or a combination of both. The unique characteristics of an asset or liability and the availability
of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. The Company measures
fair value using observable and unobservable inputs. The Company gives the highest priority to quoted prices (unadjusted) in active markets
for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).
The
Company applies the following fair value hierarchy:
Level
    1 -
Quoted
    prices (unadjusted) in active markets for identical assets and liabilities.
Level
    2 -
Quoted
    prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices;
    and inputs that are not directly observable but are corroborated by observable market data.
Level
    3 -
Inputs
    that are unobservable.
The
Company's financial instruments include cash, accounts receivable, derivative assets/liabilities, prepayments and other current
assets, due from related parties, accounts payable, taxes payable and accrued expenses and other current liabilities. The carrying amounts
approximate their fair values due to their short maturities as of December 31, 2023 and 2022.
The
Company had no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured
at fair value on a recurring or non-recurring basis as of December 31, 2023 and 2022.
H.
Derivatives
The
Company uses derivative financial instruments to manage its exposure to market price fluctuations in future contracts which are classified
as non-designated derivatives. The Company has not applied hedge accounting to these instruments as the hedging relationship is not highly
effective and the change in fair value of these derivatives is recorded within cost of revenue. The Company presents its derivative assets
and derivative liabilities as a separate item on the consolidated balance sheets. The Company does not enter into derivative contracts
for speculative or trading purposes.
F-
10
I.
Property, Plant and Equipment
Property
and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated by using
the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while
expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property
and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain
or loss is credited or charged on the income statement. Long-lived assets held and used by us (including property and equipment) are
assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Fixed
    Asset Category
Useful
    lives
Computer
    Software
3
years
Furniture,
    Fixtures and Equipment
5
years
Leasehold
    Improvements
Lesser
    of lease term or life of assets
Motor
    Vehicles
5
years
J.
Impairment of Long-Lived Assets
The
Company accounts for impairment of long-lived assets in accordance with the Financial Accounting Standards Board ("FASB")
Accounting Standards Codification ("ASC") Topic 360, Property, Plant and Equipment ("ASC 360"). Long-lived assets
consist primarily of property, plant and equipment. In accordance with ASC 360, the Company evaluates the carrying value of long-lived
assets when it determines a triggering event has occurred, or whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. When indicators exist, recoverability of assets is measured by a comparison of the carrying
value of the asset group to the estimated undiscounted future net cash flows expected to be generated by the asset group. Examples of
such triggering events include a significant disposal of a portion of such assets and adverse changes in the market involving the business
employing the related assets. If such assets are determined not to be recoverable, the Company performs an analysis of the fair value
of the asset group and will recognize an impairment loss when the fair value is less than the carrying amounts of such assets. The fair
value, based on reasonable and supportable assumptions and projections, requires subjective judgments. Depending on the assumptions and
estimates used, the appraised fair value projected in the evaluation of long-lived assets can vary within a range of outcomes. The Company
considers the likelihood of possible outcomes in determining the best estimate for the fair value of the assets. The Company did not
record any impairment charges for the years ended December 31, 2023 and 2022.
Deferred
Offering Costs
Deferred
offering costs consists of capitalized underwriting, legal, accounting and other expenses incurred through the balance sheet date that
are directly related the proposed Public Offering and will be charged against the proceeds received upon completion of the offering,
should the offering be unsuccessful, these deferred costs will be charged to operations.
During the year ended December 31, 2023, the Company had incurred $
1.8
million  in fees associated with The Offering which were recorded against gross proceeds within additional paid-in capital in the balance sheet. During the year ended December 31, 2022, the Company incurred $
1.1
million in fees associated with The Offering, which were recognized as Deferred Offering Costs on the balance sheet as of December 31, 2022, and were subsequently recorded against gross proceeds upon the closing of The Offering in March 2023.
K.
Related Parties
Parties
are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are
controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management,
members of the immediate families of principal owners of the Company and its management and other parties with which the Company may
deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one
of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related
party transactions.
F-
11
L.
Revenue and Cost of Revenue
The
Company recognizes revenue in accordance with FASB ASC Topic 606. Based on the requirements of ASC Topic 606, revenue is recognized when
control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects
to be entitled to receive in exchange for those goods or services. The Company is primarily engaged in sales and distribution of marine
fuel. Revenue is recognized when the following 5-step revenue recognition criteria are met:
1)
Identify
    the contract with a customer
2)
Identify
    the performance obligations in the contract
3)
Determine
    the transaction price
4)
Allocate
    the transaction price to each performance obligation
5)
Recognize
    revenue when or as the entity satisfies a performance obligation
The
Company generally recognizes sales and distribution of marine fuel revenue on a gross basis as the Company has control of the products
or services before they are delivered to the Company's customers. In drawing this conclusion, the Company considered various factors,
including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that the Company
is normally the primary obligor in the Company's sales arrangements.
Revenue
from the sales and distribution of marine fuel is recognized at a point in time when the Company's customers obtain control of
the marine fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Shipping and handling
activities are considered to be fulfillment activities rather than promised services and are not, therefore, considered to be separate
performance obligations. The Company's sales terms provide no right of return outside of a standard quality policy and returns
are generally and have not been significant. Payment terms are generally set at 30 to 90 days after the delivery of the fuel.
See
Note 10 for disaggregation of revenue.
Cost
of revenue consists primarily of cost of marine fuel and delivery services necessary in the course of sales and distribution of marine
fuel. The change in fair value of the derivative instruments not designated as hedging instruments is also recorded in cost of revenue.
M.
Earnings per Ordinary Share
Earnings
per ordinary share is calculated in accordance with ASC 260, Earnings per Share. Basic earnings per ordinary share is computed by dividing
the net income (loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during
the period. Diluted earnings per ordinary share is computed in accordance with the treasury stock method and based on the weighted average
number of ordinary shares plus dilutive ordinary share equivalents. Dilutive ordinary share equivalents are excluded from the computation
of diluted earnings per ordinary share if their effects would be anti-dilutive. The Company has no dilutive ordinary share equivalents.
N.
Income Taxes
Income
taxes are accounted for in accordance with FASB ASC Topic 740 which utilizes the asset and liability method. Under this method, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards.
Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in
income tax rates is recorded as a component of the provision for income taxes in the period that includes the enactment date.
Regular
assessments are made on the likelihood that the Company's deferred tax assets will be recovered from the Company's future
taxable income. The Company's evaluation is based on estimates, assumptions, and includes an analysis of available positive and
negative evidence. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary
differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and
cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards
expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels.
F-
12
The
remaining carrying value of the Company's net deferred tax asset, after recording the valuation allowance is based on the Company's
present belief that it is more likely than not that the Company will be able to generate sufficient future taxable income in certain
tax jurisdictions to utilize such net deferred tax asset. The amount of the remaining net deferred tax asset considered recoverable could
be adjusted if the Company's estimates of future taxable income during the carryforward period change favorably or unfavorably.
To the extent the Company believes that it is more likely than not that some or all of the remaining net deferred tax asset will not
be realized, the Company must establish a valuation allowance against the net deferred tax asset, resulting in additional income tax
expense in the period such determination is made. To the extent a valuation allowance currently exists, the Company will continue to
monitor all positive and negative evidence until the Company believes it is more likely than not that it is no longer necessary, resulting
in an income tax benefit in the period such determination is made.
Significant
judgment is required in evaluating the Company's tax positions, and in determining the Company's provision for income taxes,
the Company's deferred tax assets and liabilities and any valuation allowance recorded against the Company's net deferred
tax asset.
O.
Segment Reporting
Management,
including the chief operating decision makers, review the Company's internal reporting in order to assess performance and allocate
resources. The Company is principally engaged in sales and distribution of marine fuel. Information reported to the chief operating decision
maker, for purposes of resources allocation and performance assessment, focuses on the operating results of the Company as a whole, and
hence, the Company has only one reportable segment. The Company operates and manages its business as a single segment.
P.
The COVID-19 Pandemic
Post-COVID-19
World Economy recovery
●
In
                                            2023 and 2024, the global economy continues to gradually recover from the pandemic. According
                                            to the OECD, the global GDP has grown at approximately 2.9% in 2023 and is projected to grow
                                            at 2.7% in 2024 and 3.0% in 2025, with India, Indonesia, China, Saudi Arabia and Turkey being
                                            the countries recording greatest growth in both years.
●
While
                                            the COVID-19 pandemic severely impacted international supply chains and logistics networks,
                                            the challenges have also spurred an uptick in inventive approaches within the sector, accompanied
                                            by a surge in funding for digital, paperless technologies, Advances in customs procedures,
                                            port improvements, streamlined trade processes, and the adoption of electronic trading documentation
                                            are poised to expedite operations, decrease expenses, and minimize holdups. These developments
                                            are expected to enhance efficiency, cut down on waste, and yield improved outcomes for nations
                                            and the environment.
●
The
                                            shipping sector emerged as one of the primary beneficiaries in the wake of COVID-19. Global
                                            container port throughput witnessed an annual growth of 7.2% in 2021 and a slight uptick
                                            of 0.4% in 2022. In 2023, there was a small year-on-year decline of 0.7%, signaling a mild
                                            rebalancing after the exceptionally high demand of the previous years. The Liner Shipping
                                            Connectivity Index in regions such as Asia, Latin America, the Caribbean, and Oceania soared
                                            to unprecedented levels in 2023, indicating a full restoration of shipping connections and
                                            operations. Moreover, as supply chain disruptions have largely been resolved, freight rates,
                                            including those measured by the Shanghai Containerized Freight Index and the Baltic Dry Index,
                                            along with the average waiting times for container ships at ports, have returned to levels
                                            seen before the pandemic. In specific sectors and countries, China's post-COVID-19
                                            reopening and heightened industrial activity significantly boosted the demand for commodities
                                            like iron ore and coal. Brazil experienced a marked increase in soybean exports, attributed
                                            to favorable weather and the onset of the export season. Furthermore, the renewal of the
                                            Black Sea Grain Initiative in March 2023 played a pivotal role in advancing grain trade.
F-
13
Q.
Leases
The
Company determines if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding
whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration.
The
Company accounts leases in accordance with FASB ASC Topic 842, Leases, for the Company's lease-related assets and liabilities based
on their classification as operating leases or finance leases. For all arrangements as a lessee, the Company has elected an accounting
policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes.
The Company measures lease related assets and liabilities based on the present value of lease payments, including in-substance fixed
payments, variable payments that depend on an index or rate measured at the commencement date, and the amount the Company believes is
probable the Company will pay the lessor under residual value guarantees when applicable. The Company discounts lease payments based
on the Company's estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on the
Company's estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. The Company
has elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related
assets and liabilities.
The
Company tests right-of-use assets in an operating or finance lease at the asset group level (because these assets are long-lived nonfinancial
assets and should be accounted for the same way as other long-lived nonfinancial assets) whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable.
S.
Recently adopted Accounting Standards
During
the year ended December 31, 2023, there have been no accounting standards that, upon adoption, had a material impact on the Company's
consolidated financial statements.
T.
Recently Issued Accounting Standards
Disclosure
of Supplier Finance Program Obligations. In September 2022, Accounting Standard Update ("ASU") 2022-04 was issued to require
the buyer in a supplier finance program to disclose the key terms of the program, outstanding confirmed amounts as of the end of the
period, a roll forward of such amounts during each annual period, and a description of where in the financial statements outstanding
amounts are presented. The amendments do not affect the recognition, measurement or financial statement presentation of supplier finance
program obligations. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within
those fiscal years. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet
is presented, except for the roll forward, which should be applied prospectively. The Company does not expect the adoption of this ASU
to have a significant impact on its consolidated financial statements. There are no other recently issued accounting standards not yet
adopted by the Company that, upon adoption, are expected to have a material impact on the Company's consolidated financial statements.
3.
Accounts Receivable
The
Company extends credit on an unsecured basis to most of its customers. The Company's exposure to expected credit losses depends
on the financial condition of its customers and other macroeconomic factors beyond the Company's control, such as deteriorating
conditions in the world economy or in the industries the Company serves, changes in oil prices and political instability. While the Company
actively manages its credit exposure and works to respond to both changes in the customers' financial conditions or macroeconomic
events, there can be no guarantee the Company will be able to mitigate all of these risks successfully.
The
Company performs ongoing credit evaluations of its customers and adjust credit limits based upon payment history and the customer's
current creditworthiness based on expected exposure. The payment terms with customers are based on each customers' creditworthiness
and are generally 30 to 90 days, although certain markets and other customer-specific factors may warrant longer payment terms. Accounts
receivable balances that are not paid within the terms of the sales agreement may be subject to finance fees based on the outstanding
balance. Although the Company analyzes customers' payment history and expected creditworthiness, since the Company extends credit
on an unsecured basis to most of its customers, there is a possibility that any accounts receivable not collected may ultimately need
to be written off.
F-
14
The
Company had accounts receivable of $
25,125,851
and $
18,446,176
as of December 31, 2023 and 2022, respectively, of which accounts receivable from the top five customers accounted for $
14,487,032
and $
9,253,060
as at December 31, 2023 and 2022 accounted for approximately
57.7
%
(the largest of which accounted for
15.6
%)
and
75.8
%
(the largest of which accounted for
22.4
%)
of total accounts receivable, respectively. The Company has
no
allowance for doubtful accounts as of December 31, 2023 and 2022 and
no
bad debt expense for the years then ended.
Subsequent
to December 31, 2023, all accounts receivable recorded on December 31, 2023 has been collected substantially within their respective
credit periods.
As of December 31, 2023, the Company sold accounts receivable of $
1,684,268
($
5,168,297
as of December 31, 2022)
to a bank under a non-recourse factoring arrangement (see Note 7), out of which, $
1,626,345
($
4,134,637
as of December 31, 2022) has been
received from the bank. Upon settlements from customers, the Company would receive $
57,922
($
1,033,659
as of December 31, 2022) from the
bank.
4.
Derivative Instruments
The
Company values its derivative instruments using alternative pricing sources and market observable inputs, and accordingly the Company
classifies the valuation techniques that use these inputs as Level 2.
The
following table presents the gross fair value of the Company's derivative instruments not designated as hedging instruments and
their locations on the consolidated balance sheets:
As of December 31, 2023
Derivative Asset
Level 1 input
Level 2 input
Level 3 input
Total fair value
Commodity contracts
$
-
$
28,776
$
-
$
28,776
As of December 31, 2022
Derivative liabilities
Level 1 input
Level 2 input
Level 3 input
Total fair value
Commodity contracts
$
-
$
109,346
$
-
$
109,346
The
following table summarizes the gross notional values of the Company's commodity contracts used for risk management purposes that
were outstanding as of December 31, 2023 and 2022:
December 31,
December 31,
Derivative Instruments
Units
2023
Units
2022
Commodity contracts
Long
Metric ton
16,750
Metric ton
3,600
Short
Metric ton
-
Metric ton
500
The
following table presents the effect and financial statement location of the Company's derivative instruments not designated as
hedging instruments on the Company's consolidated statements of income and comprehensive income:
The
following are the amounts of realized and unrealized gain during the years ended December 31 2023 and 2022:
Location
2023
2022
Gain from commodity contracts
Cost of revenue
$
407,098
$
766,769
F-
15
5.
Prepayment and other current assets
Prepayment
and other current assets consist of the following:
As of December 31,
2023
2022
Prepayments and other receivable
$
1,686,014
$
167,677
Deposits
17,631,175
86,102
Total
$
19,317,189
$
253,779
Prepayments
as of December 31, 2023 principally represent advance payments to various service providers for services to be provided subsequently.
Deposits of $
17,549,000
were placed with suppliers to secure credit lines for the purchase of marine fuels.
6.
Property, Plant and Equipment
The
amount of property and equipment are as follows:
As of December 31,
2023
2022
Office equipment, furniture and fixtures
$
577,594
$
363,167
Less: accumulated depreciation and amortization
148,083
22,284
Office equipment, furniture and fixtures, net
$
429,511
$
340,883
During
the years ended December 31, 2023 and 2022, the Company recorded depreciation expense of approximately $
128,000
and $
55,000
, respectively.
The
amount of motor vehicle are as follows:
As of December 31,
2023
2022
Motor vehicle
$
190,787
$
98,632
Less: accumulated depreciation
112,455
84,542
Motor vehicle, net
$
78,332
$
14,090
During
the year ended December 31, 2023 and 2022, the Company recorded depreciation expense of approximately $
28,000
and $
21,000
respectively.
The
amount of computer software costs are as follows:
As of December 31,
2023
2022
Computer software
$
554,893
$
80,155
Less: accumulated amortization
56,224
41,038
Computer software costs, net
$
488,669
$
39,117
During
the years ended December 31, 2023 and 2022, the Company recorded amortization expense related to computer software of approximately $
15,000
,
and $
13,000
, respectively.
F-
16
7.
Interest Income and Interest Expense
The
Group was offered certain factoring facilities with a commercial bank to purchase certain accounts receivable on non-recourse basis.
As of December 31, 2023 and 2022, the factoring facilities were $
15.2
million and $
13.6
million respectively. As invoices were factored
with the bank, they were not recorded as accounts receivable in the Company's consolidated financial statements. As of December
31, 2023, accounts receivable factored was approximately $
1.6
million ($
4.1
million as of December 31, 2022).
As
of December 31, 2023, the unused portion of the financing facilities was approximately $
13.6
million ($
9.5
million as of December 31,
2022).
The
interest rates under the factoring agreement range from
5.49
% to
6.88
% (2022:
1.29
% to
5.52
%) per annum.
The
following table provides additional information about the Company's interest income, interest expense and other financing costs,
net:
For the year ended December 31.
2023
2022
Interest income
$
70,853
$
1,710
Interest expense on lease liabilities
(
12,379
)
(
4,958
)
Interest expense on factoring arrangement
(
290,107
)
(
256,745
)
Total:
$
(
231,633
)
$
(
259,993
)
8.
Commitments and Contingencies
Sales
and Purchase Commitments
As
of December 31, 2023, the Company has committed to sell to certain customers to a maximum of
155,600
MT marine fuels with delivery to
be made in 2024. The Company has contracted with various suppliers to purchase to a maximum of
210,000
MT marine fuels in the same period.
Contingencies
The
Company is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot
be predicted with certainty, and the Company does not anticipate that the final outcome arising out of any such matter will have a material
adverse effect on its consolidated financial position, cash flows or results of operations. As of December 31, 2023 and 2022, the Company
is not a party to any material legal or administrative proceedings and did not have any significant contingencies.
9.
Income Taxes
British
Virgin Islands
Under
the current laws of the British Virgin Islands, the Company is not subject to any income tax.
Hong
Kong
Under
the two-tiered profit tax rate regime of Hong Kong Profits Tax, the first HK$
2,000,000
(approximately $
258,000
), of profits of the qualifying
group entity will be taxed at
8.25
%, and profits above HK$
2,000,000
will be taxed at
16.5
%. For the years ended December 31, 2023 and
2022, the Company had $
2,072,386
and $
4,709,683
, respectively, of income subject to the Hong Kong Profits Tax.
Malaysia
Malaysia
Income Tax is calculated at
24
% of the estimated assessable profits for the relevant year. For the years ended December 31, 2023 and
2022, the Company had $
28,031
and $
17,633
, respectively, of income subject to the Malaysia Income Tax.
F-
17
The
income tax provision consists of the following:
2023
2022
Current:
Hong Kong
$
291,326
$
810,236
Malaysia
7,279
4,232
$
298,605
$
814,468
Deferred
-
-
$
298,605
$
814,468
The
following is a reconciliation of the Company's total income tax expense to the income before income taxes for the years ended December
31, 2023 and 2022, respectively.
2023
2022
Income before provision for income taxes
$
1,431,255
$
4,499,468
Tax at the domestic income tax rate of
16.5
%
236,157
742,412
Tax effect of Hong Kong graduated rates
(
21,290
)
(
21,290
)
Foreign tax rate differentials
2,102
1,322
Non-deductible expenses for tax purpose
110,412
37,595
Non-taxable income
(
22,790
)
-
Prior year accrual
(
5,986
)
54,429
Income tax expense
$
298,605
$
814,468
10.
Revenue Disaggregation
Geographic
Information
The
following table breaks down revenue by geographic location of the Company's revenue. The geographical location is based on the
location at which the marine fuel is delivered to the customer.
For the year ended December 31,
2023
2022
China
$
242,702,176
$
252,628,159
Hong Kong
137,206,005
171,143,686
Malaysia
46,725,038
26,490,822
Singapore
7,238,512
4,865,956
South Korea
1,373,340
4,355,855
Other
652,647
3,421,779
Total:
$
435,897,718
$
462,906,257
11.
Related Party Transactions and Balances
Related
parties:
Name
    of related parties
Relationship
    with the Company
CBL
    (Asia) Limited
An
    entity controlled by Mr. Chia (Note 1)
Straits
    Energy Resources Berhad
An
    entity holding
32.3
% of the Company's shares
Note
    1:
Mr.
    Chia is the director and controlling shareholder of CBL (Asia) Limited, which is a
62
% shareholder of the Company.
F-
18
Note
    2:
Straits
    Energy Resources Berhad is a company incorporated and listed in Malaysia.
During
the financial year 2023 & 2022, there was no transaction with the above two entities and that the balances with them were $
Nil
as
of December 31, 2023 & 2022.
12.
Finance and Operating Leases
The
Company leases offices and motor vehicles. The leases are for periods of
two
to
five years
.
The
Company recognized the following total lease cost related to the Company's lease arrangements:
For the year ended December 31,
2023
2022
Finance lease and operating lease costs
155,267
99,823
Expenses relating to short-term leases
11,217
19,892
Total lease cost
$
166,484
$
119,715
During the year ended December 31, 2023, the Company entered into a lease for the rental of property and recognized right-of-use assets and lease liabilities of approximately $
140,000
.
During
the year ended December 31, 2022, the Company (i) terminated a lease for the rental of property and the related right-of-use assets and
lease liabilities were written off in the amount of approximately $
55,000
, and (ii) entered into  a lease for the rental of property
and recognized right-of-use assets and lease liabilities of approximately $
370,000
.
As
of December 31, 2023, the Company's remaining lease payments are as follows:
Leases
2024
$
189,499
2025
199,401
Total remaining lease payments (undiscounted)
388,900
Less: imputed interest
16,766
Present value of lease liabilities
$
372,134
Supplemental
balance sheet information related to leases:
As of December 31,
Classification
2023
2022
Assets:
Operating lease assets
Right-of-use lease assets
$
338,481
$
341,625
Operating leases
Lease Liability - current
Current liabilities – lease liabilities
$
177,761
$
124,095
Lease liability – non-current
Non-current liabilities – lease liabilities
$
194,373
$
229,076
Other
information related to leases for the years ended December 31, 2023 and 2022:
2023
2022
Weighted-average remaining lease term (years) - operating leases
2.0
2.8
Weighted-average discount rate - operating leases
3.9
%
3.2
%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases
$
-
$
-
Operating cash flows from operating leases
$
120,781
$
83,859
F-
19