Coretec Group Inc (CE) (CRTG) Quote

They are late with the 10-Q filing for the third quarter of 2024; if not filed on time, they will also be late on the annual 10-K filing, due on March 31, 2025. If they file the extensions, they get an extra 15 days, but it must be filed by April 1.

10-K
Non-Accelerated Filer
90 Days from the Fiscal Year End
15-Day Extension with Filing of NT 10-K

Well if they file we'll have something to talk about for a while. If they don't file, in my opinion it will be because there are things they don't want to disclose and they'll wait until that damage can be repaired before making it all public. No time frame on that and it might be a while. Really, they've had plenty of time to handle the 'difficulties' of reconciling two accounting methods to one report, and to me it is just a weak excuse going forward.

Is the last day to file and get current with the SEC March 31 for CRTG?
What happens if they file?

What happens if they don't file until (arbitrary date) May 1?

We can search it out . One thing for sure to get are confident Kibs revenue is going to be ours

From that article it sounds as though that limitation only applies to specific companies in specific industries that provide critical infrastructure to S. Korea. Not sure if the foreign ownership limitation applies to KIB?

There are articles ou there that state a foriegn company cant own more than 49.99% of a company in Korea . In some cases its 30 to 40%. We will have to search this out as Coretec plans to count Kib Plug Energy as part of its revenue .

https://www.kedglobal.com/regulations/newsView/ked202303170024

Foreign stake holdings in Korea’s two energy behemoths – Korea Electric Power Corp. and Korea Gas Corp. – are limited to 40% and 30%, respectively, under the Capital Markets Act and the Public Enterprise Privatization Act.


ANN ARBOR, Mich. – Dec. 04, 2024 – The Coretec Group, Inc. (OTCQB: CRTG) (“Coretec” or the “Company”) has taken a decisive step toward global leadership in energy innovation with the acquisition of a controlling stake in KIB Plug Energy Co., Ltd. (“KIB Plug Energy”), a prominent KOSPI-listed enterprise in South Korea. This transformative acquisition, coupled with a strategic restructuring of its Core Optics subsidiary and upcoming funding initiatives, solidifies Coretec’s status as a global powerhouse in energy and technology.

ould Kib merge with or do a shreexchange agreement with Coretecs subsidiary Core Optics LTD in Korea or somehow merge with Coretec . I previously thought they would need 51% of Kibs stock to count their revenue . They might be doing it a different way if they cant own 51 % of Kib stock through buying up ( acquireing it their stock . There is a reason to own 20 plus % of Kib stock for one it gives them control in the decisions made and voting rights to change the company or merge it with Coretec or Core Optics LTD ??? Kib has 226 million outstanding shares Coretec would need to buy about 113 million shares and they only have about 51 million now . I think they may not be able to own 51% and there may need to be someking of merger take place to count their revenue .

From the news Dec 4 2024 they make it sound like its a done deal but there has to be more to this if they count their revenue as Coretecs . the restructuring of Core Optics could lead to a combining of Kib Core Optics ltd in Korea and we and Kib are merged ?? Just thinking outside the box

A Vision of Growth and Innovation

With its acquisition of KIB Plug Energy, the restructuring of Core Optics, and its ambitious plans for a GIGA-scale battery plant, Coretec is poised for unprecedented growth. Consolidated annual revenues are projected to surpass US$100 million, driving significant profitability to fuel the next wave of expansion.

“This acquisition marks a transformative moment in our journey,” said Dr. Kim, co-chairman of Coretec. “We are redefining the energy landscape through groundbreaking innovations and a relentless commitment to sustainable solutions.”

Some good information about how CRTG's current stake in KIB will be reflected in financials:

https://www.investopedia.com/terms/e/equitymethod.asp

This changes if/when CRTG owns >50% of KIB.

YES Coretecs Seonkee Kim who is Vice Chairman on Coretecs board is one of the Duel CEOs at Kib Plug Energy
Chairman of Coretecs board Elbert Michael Ussery as well as a couple others on Coretecs board are on Kib Plugs board . The other CEO at Kib lives in Korea. Coretec has conytol of KIB and runs it now . This is Kibs first board meeting with Coretecs Seon
Kim as CEO of KIB Plug .

Decision on Judgment of Litigation, etc.

https://investorshub.advfn.com/uimage/uploads/2025/3/26/crvbzScreenshot-Decision-on-Judgment-of-Litigation_26-3-2025_82313_dart.fss.or.kr.jpeg

Since CRTG owns KIB shares, do coretec shareholders get access to the meeting?

Looking forward to some good news from the meeting.

KIB PLUG ENERGY shareholder meeting will be at 6 pm Thursday Tulsa time , 4PM pacific, 7pm Est.

OUT today The court ruling on the appeal in the case against Coretec dismissed which sought to restrict voting rights that at the time the extrodinary shareholder meeting was called Dec 13th 2024 as a result some shareholders of KIb were in oppisition to Coretecs voting rights and taking control on Kib plug energy and started filing lawsuits which all now have been dismissed

..Court Ruling or Decision on Lawsuit, etc.
1. Case name 2024??10181, Appeal against the decision to dismiss the provisional disposition Docket number 2024?10045
2. Plaintiff (claimant) Hwang ? Hwi
3. Details of court ruling or decision Creditor: Hwang ? Hwi
Debtor: Heo ? Ho, Son ? Deok, Jo ? Wook, Choi ? Hyeon
Debtor's representative: Jiseok Law Firm
Bok's representative: Attorney Kim ? Yeop

1. All appeals in this case are dismissed.
2. The creditor shall bear the costs of the appeal.
4. Rationale for court ruling or decision Since the decision of the first trial that dismissed the creditor's application for provisional disposition in this case is justified, all appeals in this case are dismissed as there is no merit, and it is decided as per the order. 5. Competent court Busan High Court (Ulsan Branch)
6. Date of court ruling or decision 2025-03-25
7. Confirmation date 2025-03-26
8. Other matters to be factored into investment decisions - The above '7. Confirmation date' is the date on which the company received and confirmed the relevant judgment from the litigation agent.
? Related disclosure 2024-11-26 Filing/application for lawsuit, etc. (Management rights dispute lawsuit)


Below is the The Appeal filed 2-18-25 on this case . The above filing above is the results of this appeal which today was , " Dismissed " against Coretec and Kib Plug Energy

Filing or Application of Lawsuit, etc. (Corporate Control Contest)
1. Case name Provisional disposition decision appeal Docket number Confirmation and correction announcement to be made
2. Plaintiff (claimant) Kim ? Tae and 1 other person
3. Details of claims Case 2024 Kahap 10296 Provisional disposition

Appellant (creditor): Kim ? Tae and 1 other person
Opposite party (debtor): KIB Plug Energy Co., Ltd.,
The Coretech Group

Regarding the above case, we are filing an appeal against the decision of the provisional disposition made by the Ulsan District Court on February 17, 2025.
4. Competent court Ulsan District Court
5. Actions to be taken We will respond in accordance with legal procedures. 6. Date of filing or application 2025-02-18
7. Confirmation date 2025-02-18
8. Other matters to be factored into investment decisions - The above '6. Date of filing/application' is the date the applicant filed the application with the court.

- The above '7. Date of confirmation' is the date the company received and confirmed the notice of appeal from the litigation agent.

- We plan to disclose related matters when there are future progress and confirmed facts.
?Related disclosure 2025-02-18 Judgment/decision on litigation, etc.

https://www.investopedia.com/ask/answers/nasdaq-listing-requirements/

I don't believe so. I am not sure they will meet requirements as stated. We can't really know anything until they release some financials, though.

Until CRTG gets back on the listing and/or starts communicating again we can only speculate on their next move. Question - Could they be planning to apply for NASDAQ right out the gate posting KIB Profits and their past listing on OTC or do they need to be listed on OTC and then uplisted later?

The end of March is also the latest a company filing an Annual Report can do so, and be ontime. I suppose it would be a huge surprise if CRTG actually made such a filing, and if they did, I believe we'd be trading routinely at new highs.

Gary

Matt Hoffman stated in their shareholder call on March 14, 2024.
“I want to briefly touch on the partnerships.
So as we progress the Endurion technology, we've kept close contact with our partners in the military, EV, and aerospace markets. We have relationships that are covered under non-disclosure agreements, and as we move forward in 2024, we will be negotiating joint development agreements and looking to deliver Endurion material for evaluation. We've had a number of partners that have made this request and are excited about our recent developments.”
Page 8: https://investors.thecoretecgroup.com/static-files/74f2b7ef-845f-4b02-8b8c-51a8370ef2ce

I had hoped Coretec would file a joint development agreement last year, but I wondered if that would be considered a non-public filing under SEC Rule 24b-2.
“A public company can submit a non-public filing with the SEC under certain circumstances, including when entering into a joint development agreement involving intellectual property (IP). Non-public filings are typically used to protect sensitive information, such as trade secrets or proprietary technology, that could harm the company's competitive position if disclosed publicly.”

Now, the question is, did they complete all of this? Do they have a joint development agreement (JDA), and with how many partners? Did the partners' evaluation meet expectations or exceed them, and are they still in the process of evaluating it?

Excellent summary of where CRTG is at this point in time.

It didn't surprise me they didn't renew the lab lease in Ann Arbor, which ended on January 31st, 2025. Are they merging the lab with Core Optics' existing research and development facility? I'm not sure if that's what they did or if they simply relocated it elsewhere. Additionally, we are unsure whether the Core Optics R&D center is located solely in Korea or also in the US.

I still believe Endurion is working well, and they are continuing to work on commercialization. We do not know if all the scientists are gone or not; some might be involved in a limited capacity.

In their shareholder call on March 14, 2024, Coretec stated that they aimed to scale up their anode material synthesis capabilities and provide their partners with kilograms of material for evaluation in 2024, and they have likely accomplished this goal.

From shareholder call.
“That brings us to the 2024 priorities. And our first priority was to increase our lab base, which we were able to do… we look to scale up our anode material synthesis capabilities and be able to provide our partners with kilograms of material for evaluation this year. At this stage of Endurion, we have an engaged scientific team, strong data, prototypes, and are adding the ability to scale.”
Page 9: https://investors.thecoretecgroup.com/static-files/74f2b7ef-845f-4b02-8b8c-51a8370ef2ce

I don't believe Simon Calton would have posted this in December if Endurion wasn't working.
“We believe that this is just the start for small start up that we first backed 10 years ago. We see further growth in 2025 through larger contracts, increased efficiency, additional acquisition and the commercialisation of The Endurion Battery Project.”
https://www.linkedin.com/company/carltonjamesgroup/posts/?feedView=all

The Coretec lab/office lease was from February 1, 2024, to January 31, 2025.
From March 21, 2024, 10-K Annual Report.
“On February 1, 2024 the Company entered into an annual lease for a suite to house both wet laboratory space and administrative offices on the same business campus. The annual office rent obligation is $54,000 payable in equal monthly installments, under gross lease terms. The prior office lease also terminated on February 1, 2024 and the prior wet laboratory lease terminated on February 29, 2024.”
https://investors.thecoretecgroup.com/node/8421/html

The lab and office space is available for rent now.
https://www.mi-hq.com/properties/ste460

Not outside the realm of possibility, and because they are not up to date on filings you can reason such progress/direction has not been communicated. Anything close would be a very pleasant surprise.

What are the odds/chances that we actually acquired core Optics and kib in order to have instant manufacturing and production abilities for endurion instead of acquiring them for their already generated Revenue? As much as I would hope they would produce in the US, maybe they are able to and have been cranking something out at one of these other facilities so they have stockpiles?

We certainly agree on Endurion, seems the only way to pull out of this hole. But with the lab closed down and the scientists no longer on board I am not optimistic that anything is currently happening. Those were material events of nearly a year ago that the company did not disclose. I wonder why not.

There are currently 1,107,432,606 billion shares outstanding; of those, Core SS LLC owns 688,944,244 million shares, plus Series C Preferred Stock convertible into 230 shares of Common Stock (2.3 billion). At this point, we do not know who will receive and/or what they will do with all those Series C shares.

217,540 Series D Preferred Shares convertible into 1,450,266,665 shares.
For Series D shares, someone paid Coretec approximately $22 million, enabling Coretec to acquire 22.31% of KIB Plug Energy. While we don't have any more information to go on, it seems to me that Coretec is simply managing KIB Plug Energy for someone else. Like, where did the money come from? The series D shares are they going to be diluted into Coretec shares, or are they going to be transferred into KIB Plug Energy?

As I see it, the only way this can work out is by commercialization of Endurion battery technology.

Does anyone here know anything about Huntsman, symbol HUN, who's into carbon nanotubes, among other things. I listened to part of a pitch to buy stock advice centered around CNT and located in Texas, HUN sounds like it may be that company. The indication was that the cost of CNT was coming down with their technology.

There is no doubt that adding CNT to everything from computer chips to batteries can greatly improve performance and greatly reduce energy consumption. If HUN is the company being sited and can actually deliver substantial CNT's in various forms, it really could be a great investment.

I welcome anyone's thoughts. Hopefully it won't be that much longer before CRTG is about to file and become compliant again.

Gary

Core Optics LLC has control of The Coretec Group now and now they are the largest shareholder of KIB Plug Energy ( and of coarse wholly owned by The Coretec Group ) and Kib Plug had 93,000,000 in revenue last quarter and in time that revenue will become The Coretec Groups revenue along with the Core Optics CCM business . Dilution from the Core Optics LLC and now Series D shares sold to investors to use the proceeds to acquire KIBs stcok so we can count that revenue as Coretecs . Over 100 million in revenue coming in the end result something Coretec never could have done without these Merchant Bankers taking over Coretec . Nasdaq listing could be coming later as a result . I like whats happening the dilution doest bother me for 100 million in revenue and at some point a higher stock price which i beleive is coming with out / or before any king of Reverse Split if they do one . The future looks bright for Coretec shareholders.

The 13D filing indicates that Core SS LLC, managed by Ho Seok (Roberto) Kim, has acquired a controlling interest in The Coretec Group Inc. through an "Exchange Transaction" described in an 8-K filing on August 22, 2024.

Ownership Breakdown (Post-Conversion of 10M Series C Shares)
Assumptions:
Existing common shares before conversion: 208,717,899
Series C conversion ratio: 1:230
10 million Series C shares convert into: 2.3 billion common shares
Total common shares after conversion:

208,717,899 + 2,300,000,000 = 2,508,717,899
Core SS LLC’s Ownership Post-Conversion
Shares Owned: 2,300,163,799 (includes 163,799 shares they already held)
Percentage Ownership: 91.69%

Impact on Other Shareholders:
Before conversion, non-Core SS LLC shareholders owned 208,554,100 common shares (99.92% before).
After conversion, their ownership drops to ~8.31%.

Key Takeaways:
If all 10M Series C shares were converted, Core SS LLC would control about 91.69% of the company.
Other shareholders would be heavily diluted, dropping to only 8.31% ownership. Add in the Series D preferred shares, and retail holders are essentially wiped out.

any chance that this comes out of the dark like a rocket?

Thanks and heres the sec filing showing Core SS LLC holds the 688,944,244 shares fromn the share exchange agreement with The Coretec group

https://www.secform4.com/13dg/2036285/0001437749-24-028910.html

The question marks (?) in the translation from the image are simply Korean, as they were in the original image. The editor automatically converts Korean words into (?).

https://investorshub.advfn.com/uimage/uploads/2025/3/20/pgsudScreenshot_20-3-2025_93635_englishdart.fss.or.kr.jpeg

This is the translation of the image in that filing. IX. Matters Related to Affiliated Companies, etc.
The image provided shows an organizational chart in Korean. Here’s a translation of the key entities into English:

- Core SS LLC (at the top)
- The Coretec Group Inc. (connected below Core SS LLC)
- KIB Plug Energy Co., Ltd. (???????? ??? ????) branches out into:
- KIB Hydrogen Energy Co., Ltd. (??????? ??? ????)
- KIB Mokpo Hydrogen Power (??????? ????)
- KIB Ulsan Hydrogen Power (??????? ????)
- Beophan Automobile (?????)
- AlphaOne Investment (?????????)

https://investorshub.advfn.com/uimage/uploads/2025/3/20/wihru°èÅëµµ_1.jpg

John, Excellent DD on KIB! Really appreciate your effort!

Juststoppingby Can you screen shot the entry under section VIII of the KIB audit that came out today titled under IX , " Matters related to Affiliated Companys " A
Or anyone that knows how to do it and translate it to English . It has to do with Core SS LLC and the companys under them which are all in Korean . I couldnt just highlight it , it was some king of PDF file

https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20250320001708

4. Other matters, including material matters occurred after the document preparation date

A. Major matters occurring after the preparation date
(1) The number of shares of the largest shareholder, The Coretec Group Inc., increased from 41,957,581 shares (17.70%) to 52,862,216 shares (22.31%).

Refer to the 2025.01.17 Stock Holdings Status Report (General)

(2) The company was determined to be subject to deliberation by the Corporate Review Committee on December 18, 2024, and the Korea Exchange held a Corporate Review Committee meeting on January 17, 2025 to review whether the company would maintain its listing eligibility. After deliberation by the Corporate Review Committee, the Korea Exchange granted the company an improvement period until April 17, 2025, and stock trading will continue to be suspended during the improvement period.

Meanwhile, if the company does not implement the improvement plan during the improvement period or if there is an application from the company, or if any of the provisions of Article 49, Paragraph 4 of the Listing Regulations of the Stock Market are applicable, the Corporate Review Committee may be held even before the end of the improvement period to determine whether to maintain listing eligibility.

B. Small and Medium Business Standards Review Table
None applicable

C. Post-merger, etc. Information
None applicable
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Important info in KIB filings related to Coretrecs positions with KIB

VIII. Matters Related to Executives and Employees, etc.

1. Status of executives and employees, etc.

Executive Status

(Record date: 2024.12.31 ) (Unit: shares)
Name Gender Birth year and month Position Whether registered executive Whether full-time Responsibilities Major career Number of shares held Relationship to the largest shareholder Period of employment Term expiration date
Voting share Non-voting share
Seongi Kim Male July 1960 Chairman Executive Directors Full-time CEO The Coretec Group Inc. Chairman
CEO of FIST Global
Vice Chairman of I-Map Asset Management - - Special Affiliate 2024.12.13
~
2027.12.13 2027.12.13
Baek Seung-ryun Male March 1967 CEO Executive Directors Full-time CEO Current CEO of Robo Advisory Co., Ltd.
Former CEO of ACI Co., Ltd.
Former Team Leader / Director of SK Corporation - - - 2023.07.13
~
2026.07.13 2026.07.13
Elbert Michael Yusley Male January 1950 Inside Director Executive Directors Part-time Inside Director The Coretec Group Inc. CEO
Chairman of CalErin Group
International Relations Advisor, San Leon Energy - - Special Affiliate 2024.12.13
~
2027.12.13 2027.12.13
Lee Jeong-min Male April 1972 Inside Director Executive Directors Part-time Inside Director The Coretec Group Inc. Accounting, Human Resources, Organization Management Support General Manager
MI Links Vice President - - Special Affiliate 2024.12.13
~
2027.12.13 2027.12.13
Yoo Young-sun Male May 1960 Outside Director Outside Director Full-time Outside
Director Hapcheon Food Co., Ltd. CFO Vice President
Samtech Co., Ltd. Vice President
KH Chemical (now 'Cobon') CEO
Hana Bank Chief Financial Officer - - - 2024.12.13
~
2027.12.13 2027.12.13
Choi Soo-hyun Male April 1979 Director Other Non-Executive Directors Part-time - Currently Vice President, KIB Energy Infrastructure Holdings
Former Daishin Securities Team Leader
Former Hyundai Securities Team Leader - - - 2023.07.13
~
2026.07.13 2026.07.13
Son Kyo-deok Male November 1960 Outside Director Outside Director Part-time Outside
Director Former KDB Industrial Bank Outside Director
Former Hyundai Asset Management Co., Ltd. Financial Innovation Committee
Former SK Securities Co., Ltd. Management Advisor
Former BNK Gyeongnam Bank President - - - 2023.07.13
~
2026.07.13 2026.07.13
Lee Yoon-hee Male November 1954 Auditor Full-time Auditor Current Union Investment Partners Co., Ltd. Outside Director
Current Angel Venture Investment Co., Ltd. Advisory Committee
Former IBK Capital CEO
Former IBK Industrial Bank Vice President - - - 2023.07.13
~
2026.07.13 2026.07.13
Baek Young-ki Male October 1965 Vice President Not Registered Full-time Chemical Engineering
Headquarters Ulsan College of Science, Department of Shipbuilding
KIB Plug Energy Co., Ltd. - - - 2008.03.26
~ -
Yoon Chang-an Male August 1967 Managing Director Not Registered Full-time Chemical Engineering
Quality Ulsan University, Department of Mechanical Engineering Graduated
KIB Plug Energy Co., Ltd. - - - 2013.01.01
~ -
Jin Woo-yeon Male March 1969 Managing Director Not Registered Full-time Chemical Engineering
Production
In charge Ulsan University, Department of Industrial Engineering
Daekyung Technos Co., Ltd.
KIB Plug Energy Co., Ltd.

Ulsan Plant Manager 50,000 - - 2019.02.01
~ -
Park Sang-jun Male April 1975 Managing Director
Assistant Not Registered Full-time Management
Management In charge Ulsan University, Department of Business Administration Graduated
KIB Plug Energy Co., Ltd. - - - 2023.04.05
~ -




Status of employees, etc.

(Record date: 2024.12.31 ) (Unit: KRW million)
Employees Non-affiliated workers Note
Business division Gender Number of employees Average years of service Total annual salary Average salary per person Male Female Total
Workers with no fixed term Fixed-term workers Total
Total (Short-hour workers) Total (Short-hour workers)
Chemical equipment Male 153 - 9 - 162 13.0 11,422 70 - - - -
Chemical equipment Female 13 - 2 - 15 9.8 767 51 -
Total 166 - 11 - 177 12.7 12,189 68 -


Status of remuneration for unregistered executives

(Record date: 2024.12.31 ) (Unit: KRW million)
Category Headcount Total annual salary Average salary per person Note
Unregistered executive 4 560 140 -

2. Executive remuneration, etc.

Remuneration status of all directors and auditors
1. Amount approved by general shareholders’ meeting

(Unit: KRW)
Category Headcount Amount approved by general shareholders’ meeting Note
Director (registered executive) 6 2,000,000,000 Amount approved by the 43rd regular shareholders’ meeting (2024.03.29)
Auditor 1 200,000,000 Amount approved by the 43rd regular shareholders’ meeting (2024.03.29)

2. Amount of remuneration paid

2-1. Directors and auditors total

(Unit: KRW million)
Headcount Total remuneration amount Average remuneration amount per person Note
6 403 67 -

2-2. By Type

(Unit: KRW million)
Category Headcount Total remuneration amount Average remuneration amount per person Note
Registered directors (excluding outside directors and member of the Audit Committee) 3 264 88 -
Outside directors (excluding members of the Audit Committee) 2 79 39 -
Audit committee members - - - -
Audit 1 60 60 -

Remuneration status of directors and auditors receiving KRW 500 million or more
1. Individual remuneration payment amount

(Unit: KRW million)
Name Position Total remuneration amount Remuneration not included in total remuneration
- - - -

2. Calculation criteria and method

(Unit: million won)
Name Type of remuneration Total amount Calculation criteria and method
- Employment income Salary - -
Bonus - -
Stock purchase option
Exercise profit - -
Other employment income - -
Retirement income - -
Other income - -

Remuneration status of the top 5 individuals with payments of KRW 500 million or more
1. Individual remuneration payment amount

(Unit: KRW million)
Name Position Total remuneration amount Remuneration not included in total remuneration
- - - -
- - - -

2. Calculation criteria and method

(Unit: million won)

Name Type of remuneration Total amount Calculation criteria and method
- Employment income Salary - -
Bonus - -
Stock purchase option
Exercise profit - -
Other employment income - -
Retirement income - -
Other income - -





(Unit: KRW)
Category Number of persons granted Total fair value of stock options Note
Registered directors (excluding outside directors and member of the Audit Committee) - - -
Outside directors (excluding members of the Audit Committee) - - -
Audit committee member or auditor - - -
Executive directors, etc. - - -
Total - - -




(Record date: 2024.12.31 ) (Unit: KRW, shares)
Grantee Relationship Grant date Stock option granting method Type of shares Initial grant quantity Change in quantity during the current term Total change in quantity Remaining unexercised quantity at the end of the period Exercise period Exercise price Mandatory holding status Mandatory holding period
Exercised Canceled Exercised Canceled
Baek Seung-kwon Unregistered executives 2018.03.30 New stock grant
Treasury stock grant common stock 200,000 - 200,000 -
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Part of the KIB Plug Filing today
VII. Matters Related to Shareholders

1. Status of Stock Ownership by Largest Shareholder and Specially Related Person

A. Status of Stock Ownership by Largest Shareholder and Specially Related Person

(Record date: 2024.12.31) (Unit: shares, %)
Name Relationship Type of shares Number of shares held and shareholding ratio Note
Beginning of the period End of the period
Number of shares Shareholding ratio Number of shares Shareholding ratio
The Coretec Group Inc. Largest Shareholder Common Stock 0 0.00 41,957,581 17.70 -
Total Common Stock 0 0.00 41,957,581 17.70 -
- - - - - -
*The largest shareholder, The Coretec Group Inc., acquired additional shares on January 15, 2025,
holding a total of 52,862,216 shares, or 22.31% of the shares.

B. Major career and overview of the largest shareholder

(1) Basic information of the largest shareholder (corporation or organization)

Name Number of shareholders
(persons) Representative director
(Representative member) Executive officer
(Executive member) Largest shareholder
(Largest investor)
Name Shareholding (%) Name Shareholding (%) Name Shareholding (%)
The Coretec Group Inc. 77 Antti Uusiheimala - - - Core SS LLC 55.81
- - - - - - -

(2) Financial status of the largest shareholder (corporation or group) for the most recent fiscal year

(Unit: million won)

Classification
Name of corporation or group The Core Tech Group
Total assets 16,370
Total liabilities 6,538
Total capital 9,832
Sales 6,326
Operating income -3
Net income for the period 4

(3) Key information that may affect the stability of the company's management, such as business status

- None

D. Overview of the largest shareholder of the largest shareholder

(1) Basic information of the largest shareholder (corporation or organization) of the largest shareholder

Name Number of shareholders
(persons) Representative director
(Representative partner) Executive director
(Executive partner) Largest shareholder
(Largest shareholder)
Name Share (%) Name Share (%) Name Share (%)
Core SS LLC 5 Ebert Michael Ussery - - - Core SS Sherpa LC 72.27
- - - - - -

(2) Financial status of the largest shareholder (corporation or organization) of the largest shareholder for the most recent fiscal year

(Unit: million won)

Type
Name of corporation or organization Core SS LLC
Total assets 41,528
Total liabilities -
Total capital 41,528
Sales -
Operating income -
Net income for the period -

2. Changes in the largest shareholder

Changes in the largest shareholder

(Base date: December 31, 2024 ) (Unit: shares, %)
Change date Largest shareholder name Number of shares owned Shareholding ratio Change reason Remarks
May 19, 2023 Qrocom Co., Ltd. 47,255,695 20.19 Change in shareholding ratio due to exercise of CB conversion rights -
June 21, 2023 Qrocom Co., Ltd. 47,255,695 19.94 Change in shareholding ratio due to exercise of CB conversion rights -
July 13, 2023 KIB Energy
Infra Holdings Co., Ltd. 54,817,065 23.14 Change in largest shareholder -
July 13, 2023 KIB Family
Blind Co., Ltd. 15,804,086 6.67 Change in largest shareholder -
February 2, 2024 KIB Family
Blind Co., Ltd. 20,680,078 8.73 Acquisition of shares in affiliated companies -
February 15, 2024 KIB Family
Blind Co., Ltd. 17,367,308 7.33 Change in share ratio due to on-exchange sale -
February 16, 2024 KIB Family
Blind Co., Ltd. 15,660,211 6.61 Change in share ratio due to on-exchange sale -
February 29, 2024 KIB Family
Blind Co., Ltd. 14,859,178 6.27 Change in share ratio due to on-exchange sale -
May 8, 2024 KIB Family
Blind Co., Ltd. 6,000,000 2.53 Change in share ratio due to on-exchange sale -
June 3, 2024 Open Asia Company (Co., Ltd.) 14,000,000 5.91 Change in largest shareholder -
June 13, 2024 Open Asia Company (Co., Ltd.) 24,649,791 10.40 Change in stake due to on-market purchase -
July 18, 2024 Open Asia Company (Co., Ltd.) 27,020,000 11.40 Change in stake due to on-market purchase -
July 23, 2024 Open Asia Company (Co., Ltd.) 27,110,000 11.44 Change in stake due to on-market purchase -
December 18, 2024 The Coretec Group Inc. 41,957,581 17.70 Change in largest shareholder -
* This is the change in largest shareholder over the past 3 years. * The company's largest shareholder has changed from Open Asia Company (Co., Ltd.) to The Coretec Group Inc.

3. Shareholder Distribution

A. Shareholder Ownership Status

(Record date: 2024.12.31) (Unit: shares)
Category Shareholder name Number of shares held Shareholding ratio (%) Note
Shareholders holding a 5% or more stake The Coretec Group Inc. 41,957,581 17.70 -
- - - -
Employee Stock Ownership Association - - -

B. Minority Shareholder Status
(Record date: 2024.12.31) (Unit: shares)
Category Shareholders Shares held Note
Number of minority shareholders Total number of shareholders Ratio (%) Number of minority shares Total number of shares issued Ratio (%)
Minority shareholders 13,545 13,553 99.94 160,679,031 236,981,544 67.80 -
Minority shareholders are shareholders who own less than 1/100 of the total number of shares with voting rights as of the closing date of the most recent shareholder register, December 31, 2024.

Juststoppinby this was the wrong screen shot ill find it it had to do with Core SS LLC

CB&I is located in THE WOODLANDS, TEXAS. https://www.cbi.com/nasa-hydrogen-history-informs-worlds-hydrogen-future/ CB&I works with NASA

Both cryogenic tanks at 39B were built by CB&I, formerly known as Chicago Bridge & Iron Company, headquartered in The Woodlands, Texas. According to the company, lessons learned and techniques developed during this last job — and over its decades of work with NASA — will help it build even
larger tanks.

With the 2024 audit done at KIb and the shareholder meeting coming uo where they review and finalize that audit according to statement in this audit report i think now Cprwtec may b able to continue acquiring more shares on KIB. Kib was probably in a quiet time so to speak where Corerwc couodnt acquire more sharws during the audit ?? Not sure but i think things pick up now . Coretec could getting their quarterly reports out since there was a pauce in Coretecs acqiusition of KIB stock which delayed the filings due to major corporate restructuring of Coretecs holdings which started with the Series D offering Nov 6th 9 days before the NOV 15th 2024 filing deadline which could not then be filed due to needed SEC disclosures and filings and have to be part of subsequent events in the NOV 15 TH report as well. I think things pick up from here and with Coretecs people now part of the management of KIB plug ,which will be Coretecs bread and butter , along with the CCM business we will have a good year and KIB and CRTG will both get back to trading status and CRTG can get off this so called Expert Market with is a complete joke. If youmread the PYC Markets reasoning for the Expert Market when they started it in 2021 they have fallen 100% short of the goals they had for it . Its a complete failure and needs to be removed and replaced .

CB&I is listed in KIBs new audit report as someone KIB is working with along side Lummus Advanced Breech-Lock Exchanger (LABLEX) in R$ D and future business. They have already been working with LABLEX Heres a little more info on them

CB&I specializes in designing and building field-erected pressure spheres capable of storing liquid hydrogen at temperatures of minus 423 degrees Fahrenheit and is nearing completion of the world's largest liquid hydrogen sphere in Cape Canaveral, Florida, USA. Their history in this field spans more than 60 years.

"Viable storage solutions on both ship and shore will be fundamental for South Korea to realize its carbon neutrality goals," said Cesar Canals, Senior Vice President of CB&I. "With ongoing research and development efforts well underway to scale up capacity thresholds for liquid hydrogen storage, CB&I is honored to join KOGAS in setting the pace for the rapid development of a large-scale hydrogen economy for South Korea."

I thought that this was important info out of the report from KIB today as i talks about future investment in Hydrogen with 2 major companies that they are working with as Lummus Advanced Breech-Lock Exchanger (LABLEX) and CB&I are successful companies

https://www.cbi.com/. https://www.lummustechnology.com/catalysts-and-equipment/heat-transfer-equipment/advanced-breech-lock-exchanger

https://www.mcdermott-investors.com/news/press-release-details/2022/CBI-Signs-MoU-with-Korea-Gas-Corporation-to-Support-Hydrogen-Economy-in-South-Korea/default.aspx

CB&I, a McDermott subsidiary and a leading designer and builder of storage facilities, tanks, and terminals, has been actively involved in projects related to the hydrogen economy in South Korea, including collaborations with Hanwha Ocean and Korea Gas Corporation.


6. Major contracts and research and development activities From the KIB audit report today

A. Major contracts

Refer to "1. Progress and change status of public disclosure and general shareholders' meeting status" of "XI. Other matters necessary for investor protection"

B. Research and development activities

Chemical equipment sector
The company is manufacturing LABLEX type products in-house in preparation for future orders through a design technology alliance between CB&I and Lummus Advanced Breech-Lock Exchanger (LABLEX).

In the case of high-pressure equipment, pressure sealing technology is key, and through continuous material development and design research, the company is developing the most competitive and compact products.

We are continuously conducting in-house training to improve in-house human resources, and through this, we are maintaining a technological competitive edge over competitors.

Last entry ill post from the audit today from KIB .
2. Status of affiliates (Detailed)

? Move to main text
(Record date: 2024.12.31 ) (Unit: company)
Whether publicly listed Number of companies Company name Corporation registration No.
Listed - - -
- -
Unlisted 3 KIB Hydrogen Energy Co., Ltd. 230111-0400108
KIB Ulsan Hydrogen Power Co., Ltd. 230111-0402914
KIB Mokpo Hydrogen Power Co., Ltd. 230111-0402906

3. Status of investment in other corporations (Detailed) From new Kib Plug filings Note they had about 93 million in revenue for 2024 about the same as 2023 though the net income as lower than last year but as Corerecs people take over the operations i think they will grow Kib Plug Energy . Corewtec said they will be able to have this revenue from Kib as part of Corewtecs revenue as soon as they fget this acqusition of KIB completed .

? Move to main text
(Record date: 2024.12.31 ) (Unit: KRW million, shares, %)
Name of corporation Whether publicly listed Date of initial acquisition Purpose of investment Initial acquisition amount Balance at the beginning of the period Increase (Decrease) Balance at the end of the period Financial status for the latest fiscal year
Quantity Shareholding ratio Book value Acquisition (Disposal) Gain (Loss) on valuation Quantity Shareholding ratio Book value Total assets Profit (loss)
Quantity Amount
National Day Intot Unlisted 2000.03.20 Simple
Investment 225 30,000 4.33 225 - - - 30,000 4.33 225 40,158 511
Beomhan Automobile Unlisted 2023.09.04 Equity
Acquisition 16,800 8,000,000 50 16,504 -5,333,334 - -9,908 2,666,666 13 6,596 36,281 2,279
Alpha One Investment Unlisted 2023.11.21 Equity
Acquisition 2,000 400,000 40 2,000 -160,000 - -1,703 240,000 40 297 2,901 -917
Korea Hydrogen
Power Unlisted 2023.10.23 Management
Purpose 2,000 400,000 100 2,019 -400000 2,028 - - - - - -
KIB Hydrogen Energy Unlisted 2023.11.03 Management
Purpose 990 198,000 100 970 - - -970 198,000 100 - 67 -181
KIBI Ulsan Hydrogen Power Plant Unlisted 2024.01.02 Management
Purpose 2,000 - - - 400,000 2,000 -1,440 400,000 100 560 560 -1,440
KIBI Mokpo Hydrogen Power Plant Unlisted 2024.01.02 Management
Purpose 2,000 - - - 400,000 2,000 -1,540 400,000 100 460 460 -192
Wed Unlisted 2024.01.22 Equity
Acquisition 1,100 - - - 10,000 1,100 -1,100 10,000 4.15 - 4,787 310
Total 9,028,000 - 21,718 -5,083,334 7,128 -16,661 3,944,666 - 8,138 85,214 370
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Details of Transactions with Major Shareholders, etc.

1. Credit extension to major shareholders, etc.

None

2. Asset transfer with major shareholders, etc.

None

3. Business transactions with major shareholders
None

4. Transactions with stakeholders other than major shareholders

A. Transactions with stakeholders
The details of our transactions with stakeholders are as follows.

(Base date: December 31, 2024) (Unit: KRW)
Classification Name (Corporation name) Transaction details Transaction details
Beginning Increase Decrease End
Executives and employees - Short-term and long-term
Housing loan, etc. 82,600,000 - 20,600,000 62,000,000

B. Sales and purchase transactions with special related parties

The details of sales and purchases with special related parties during the current period are as follows.

(Unit: KRW 1,000)
Special related party Company name Other income Other expenses
Related company Beomhan Automobile Co., Ltd. 562,690 -
Total 562,690 -

D. Major balances of receivables and debts to special related parties

As of the end of the current period, the details of receivables and debts to special related parties are as follows:

(Unit: KRW thousand)
Special related party Company name Receivables and liabilities
Related company Beomhan Motors 7,000,000 -
Other special related parties Former key executives, etc. (Note 1) 2,350,000 -
Total 9,350,000
(Note 1) The amount of embezzlement and violation of Article 542-9 of the Commercial Act related to former key executives, etc. at subsidiaries KIB Hydrogen Energy Co., Ltd. and KIB Mokpo Hydrogen Power Generation during the current and previous periods was recorded as attempted illegal acts, and the bad debt expense recognized during the current period was KRW 600 million, and the allowance for bad debts as of the end of the current period was KRW 2,350 million (see Note 34).

D. Financial transactions with special related parties

The details of financial transactions with special related parties as of the end of the current period are as follows.

(Unit: KRW thousand)
Special related party Company name Fund payment
Acquisition of shares Loan Increase in illegal activity receivables Loan Decrease in illegal activity receivables
Related company Bumhan Automobile Co., Ltd. (Note 1), (Note 2)
- 10,730,529 1,820,000 3,730,529 1,820,000
Other special related parties Former key executives, etc. (Note 3) - - 600,000 - 1,999,000
Total - 10,730,529 2,420,000 3,730,529 3,819,000
(Note 1) On March 18, 2024, the company paid KRW 1,820 million to Bumhan Automobile Co., Ltd. under the name of commuter bus advance payment, and the funds were paid to InnoCle Trust through BK Yeongdong Tech, and then to InnoCle Trust in 2024. On March 19, InnoCle Trust used it to pay KRW 2,045 million (KRW 1,999 million in loan receivables and KRW 46 million in interest) to its subsidiary, Korea Hydrogen Power Co., Ltd., for the acquisition of the Hoyoungwon loan receivable. The Hoyoungwon loan was classified as attempted receivable of an illegal act as it was judged to be a violation of Article 542-9 of the Commercial Act, which prohibits credit extension, as it was a fund transaction related to the former actual shareholder. The funds paid to Beomhan Automobile Co., Ltd. on March 18, 2024 under the name of advance payment for commuter buses were also classified as attempted receivable of an illegal act as it was a transaction for the purpose of disguising the repayment of the Hoyoungwon loan. Meanwhile, Korea Hydrogen Power Co., Ltd. was liquidated in 2024 after recovering the Hoyoungwon loan receivable, and as the company received a return of KRW 1,820 million in advance payment for commuter buses from Beomhan Automobile Co., Ltd. on June 5, 2024, there is no remaining attempted receivable of an illegal act related to the Hoyoungwon loan as of the end of the period (see Note 34).

(Note 2) Includes KRW 306 million of loan interest income converted to loans during the current period.

(Note 3) The amount of violation of the prohibition on credit extension under Article 542-9 of the Commercial Act related to former key executives, etc. at KIB Mokpo Hydrogen Power Co., Ltd., a subsidiary, during the current period was recorded as attempted illegal acts (see Note 34).

B. Other Matters ( Kib Plug info from the new audit out today

The following are the transaction details that are difficult to determine as special related parties under the Corporate Accounting Standards but are deemed necessary to be disclosed as non-routine transactions that occurred during the current and previous periods.

In August 23, the affiliated company acquired a 50% stake in Beomhan Motors from Beomhan Industry for KRW 16.8 billion, abolished the existing joint management method in September 24, and the company acquired the right to request Beomhan Industry to purchase 50% of the Beomhan Motors shares it held for KRW 8.4 billion within one month from the time three years have elapsed, and Beomhan Industry acquired the right to request the company to sell 50% of the Beomhan Motors shares it held for KRW 8.4 billion within one month from the time three years have elapsed. In addition, the two parties agreed to a paid-in capital increase of up to KRW 20 billion at par value to a person designated by Beomhan Industry at a time and place designated by Beomhan Industry after a free capital reduction of one-third of the stocks of Beomhan Motors.
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Other info in Kibs audit today
Number of directors Number of outside directors Status of changes in outside directors as you can see the translation of some of these names of the Coretec directors a Kib doesnt translate accuratly
Appointment Dismissal Early retirement

* As of December 31, 2024. * On March 21, 2024, Outside Director Daniel Chun resigned, and on December 13, 2024, Inside Director Seong-ho Heo and Outside Director Han-wook Cho resigned due to personal reasons. On December 13, 2024, Outside Director Young-sun Yoo was appointed through the 44th Extraordinary General Shareholders' Meeting. As of the date of the report submission, the company consists of 4 Inside Directors (Seon-ki Kim, Seung-ryun Baek, Albert Michael Yusley, Jeong-min Lee), 1 Other Non-Executive Director (Soo-hyun Choi), 2 Outside Directors (Kyo-deok Son, Young-sun Yoo), and 1 Auditor (Yoon-hee Lee).



Article 38-2 of the Stock Market Disclosure Regulations
As the company disclosed 'embezzlement and breach of trust suspicions' (2024.11.27), a reason for substantive examination of listing eligibility arose, and trading of issued stocks was suspended. It was determined to be subject to deliberation by the Corporate Review Committee in accordance with Article 48, Paragraph 2 and Article 49, Paragraph 1 of the Stock Market Listing Regulations. Afterwards, an improvement period was granted until 2025.4.17 through the 'Other Market Guide' disclosure. During this improvement period, trading of issued stocks will continue to be suspended.

Other info in Kibs audit today
Number of directors Number of outside directors Status of changes in outside directors as you can see the translation of some of these names of the Coretec directors a Kib doesnt translate accuratly
Appointment Dismissal Early retirement

* As of December 31, 2024. * On March 21, 2024, Outside Director Daniel Chun resigned, and on December 13, 2024, Inside Director Seong-ho Heo and Outside Director Han-wook Cho resigned due to personal reasons. On December 13, 2024, Outside Director Young-sun Yoo was appointed through the 44th Extraordinary General Shareholders' Meeting. As of the date of the report submission, the company consists of 4 Inside Directors (Seon-ki Kim, Seung-ryun Baek, Albert Michael Yusley, Jeong-min Lee), 1 Other Non-Executive Director (Soo-hyun Choi), 2 Outside Directors (Kyo-deok Son, Young-sun Yoo), and 1 Auditor (Yoon-hee Lee).



Article 38-2 of the Stock Market Disclosure Regulations
As the company disclosed 'embezzlement and breach of trust suspicions' (2024.11.27), a reason for substantive examination of listing eligibility arose, and trading of issued stocks was suspended. It was determined to be subject to deliberation by the Corporate Review Committee in accordance with Article 48, Paragraph 2 and Article 49, Paragraph 1 of the Stock Market Listing Regulations. Afterwards, an improvement period was granted until 2025.4.17 through the 'Other Market Guide' disclosure. During this improvement period, trading of issued stocks will continue to be suspended.

Can you do some screen shots of the Kib Plug Energy financials that just came out showing the statement page on revenues or any thing else . The revenue was about the same as last years though the net income was less but the new management is restructuring the company and that proably has something to do with that . I did post something out of the report about Current and future business related R & D involving 2 large companies involved in Hydrogen . Ill dig through other things in the report as well

https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20250320001708

screen shot of this as well it lists Core SS LLc and Coretec info in it https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20250320001708

Kip Plug Revenue 2024 136,623,566,311. 93,163,664.52 just a little less than 2023

(Unit : KRW)

Revenue

136,623,566,311 2024

137,250,775,712 2023

105,673,907,331 2022

Kib Plug Energy ( Highlights )
Annual Report

(44th term)

Fiscal year 2024.01.01 From
2024.12.31 To

Financial Services Commission

Korea Exchange Dear March 20, 2025

Type of entity subject to submission: Stock-listed corporations

Occurrence of reasons for relief: N/A

Company name: KIB Plug Energy Co., Ltd.

Representatives: Kim Seon-kee ( From Coretec ) Baek Seung-ryun

Head office location: 260-37, Cheoyong-ro, Nam-gu, Ulsan


(Website) http://www.kibplugenergy.com

Writer: (Position) Managing Director (Name) Park Sang-jun

https://www.cbi.com/. https://www.lummustechnology.com/catalysts-and-equipment/heat-transfer-equipment/advanced-breech-lock-exchanger

https://www.mcdermott-investors.com/news/press-release-details/2022/CBI-Signs-MoU-with-Korea-Gas-Corporation-to-Support-Hydrogen-Economy-in-South-Korea/default.aspx

CB&I, a McDermott subsidiary and a leading designer and builder of storage facilities, tanks, and terminals, has been actively involved in projects related to the hydrogen economy in South Korea, including collaborations with Hanwha Ocean and Korea Gas Corporation.

6. Major contracts and research and development activities

A. Major contracts

Refer to "1. Progress and change status of public disclosure and general shareholders' meeting status" of "XI. Other matters necessary for investor protection"

B. Research and development activities

? Chemical equipment sector
The company is manufacturing LABLEX type products in-house in preparation for future orders through a design technology alliance between CB&I and Lummus Advanced Breech-Lock Exchanger (LABLEX).

In the case of high-pressure equipment, pressure sealing technology is key, and through continuous material development and design research, the company is developing the most competitive and compact products.

We are continuously conducting in-house training to improve in-house human resources, and through this, we are maintaining a technological competitive edge over competitors.

Correction re post i had some typos on the one i posted to you
No We have a silicon anode that can accordin to Ramez Elgammel charge an EV to 80 % in 6 minutes and also he said easily double the range of an EV. This tech only helps charge the car fast so you can get about 240 miles more added to the EV but CRTG silcon anode allows for fast charges and double the range . Maybe an EV with CRTG silicon anode would charge with this tech in 4 min to 80% and get 400 miles plus . Time will tell

awesome - thanks