Oral Loan Agreement between Consumer Capital Group and Jianmin Gao
Consumer Capital Group (Party A) and its CEO/CFO, Jianmin Gao (Party B), have an oral agreement where Mr. Gao will provide operating or working capital to the company as needed. The loan is interest-free and unsecured, meaning no collateral is required. Consumer Capital Group must repay the loan whenever Mr. Gao requests repayment. The agreement remains in effect as long as the company is operating.
EXHIBIT 10.31
Description of Oral Loan Agreement between Consumer Capital Group and Jianmin Gao
Party A: Consumer Capital Group
Party B: Jianmin Gao
Party A and B are related parties, with Party B as the CEO and CFO of Party A. Party A and B negotiated and agreed that Party B shall provide Party A operating or working capital during Party A’s production operations. Party A shall pay no interests as a result of this loan arrangement to Party B. Party A shall provide no assets as a security for the loan received from Party B under this agreement. Party A shall pay the amount of the loan upon Mr. Gao’s request.
This Agreement is valid during the operational period of Party A.
