EHGO · Eshallgo Inc. Class A Ordinary Shares

This filing discloses two material secured debt financings totaling $630,000 — a $330,000 note bearing 8% annual interest and a $300,000 zero-interest note — both issued within days of each other in March and April 2026. The transactions are structurally interlinked: both are secured by the same pledge agreement (Exhibit 10.3) covering equity interests held by founders Zhidan Mao and Qiwei Miao, and both restrict equity issuance for nine months to preserve their combined Class B voting control above 50%. Critically, the use of proceeds is narrowly prescribed: funds may only be used to redeem existing convertible notes held by YAII PN, Ltd., indicating a targeted capital structure cleanup rather than general corporate purposes. The inclusion of mandatory prepayment clauses triggered by any future financing — coupled with default interest escalating to 18% upon breach — signals heightened lender control and financial stress mitigation. The absence of financial performance data, revenue disclosures, or operational context means investors must assess risk through covenant tightness, collateral coverage, and repayment timelines: the shorter maturity of the $300,000 note (July 2026) creates near-term liquidity pressure, while the $330,000 note’s OID and accrual mechanics increase effective cost. Collectively, these terms reflect a distressed or highly constrained capital position, where access to capital is conditional on strict governance controls and asset-backed security.