Business Context and Reporting Period
This Form 6-K filing by Yimutian Inc. covers the month of September 2026. The report details an additional closing under a Securities Purchase Agreement entered into on December 8, 2025, with a specific investor.
Key Financial Metrics and Debt
The filing does not provide revenue, profit, cash flow, or margin data. It focuses exclusively on debt financing activities.
- New Debt Issuance: On September 8, 2026, the Company issued a "Second Additional Note" with an original principal amount of $933,333.
- Debt Terms: The Note is a senior convertible promissory note convertible into American Depositary Shares (ADSs). The initial conversion price is $2.12 per ADS, and the maturity date is September 8, 2027.
- Aggregate Debt Program: Under the same agreement, the Company previously issued an Initial Note ($3,370,000), a Second Note ($1,500,000), and a First Additional Note ($260,000). The total authorized principal amount under the agreement is up to $30,000,000.
- Liquidity Covenant: The Company is required to maintain available cash of no less than $500,000 as of the last calendar day of each successive six-month period.
Material Changes
The primary material change is the increase in outstanding debt obligations due to the issuance of the Second Additional Note on September 8, 2026. This represents a continuation of the capital raise initiated in late 2025.
Outlook, Risks, and Contingencies
Covenants and Restrictions: The Notes include customary affirmative and negative covenants, including limitations on issuing senior indebtedness, restrictions on cash dividends, asset transfers, changes in business, and affiliate transactions.
Events of Default: Standard events of default include suspension of ADS trading, failure to list ADSs within specified periods, failure to make payments, and bankruptcy or insolvency.
Penalty Interest: Upon the occurrence of an Event of Default, the interest rate on any outstanding Notes increases to an annual rate of 19%.
Regulatory Status: The issuance was made in reliance on exemptions from registration under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D.
Investor Verification Checklist
- Verify the total aggregate principal amount of Notes issued to date against the $30,000,000 cap.
- Confirm the Company's current available cash balance to ensure compliance with the $500,000 liquidity covenant.
- Review the conversion price of $2.12 per ADS relative to the current market price of the Company's ADSs.
- Assess the impact of the 19% penalty interest rate on future financial statements in the event of a default.
- Check the listing status of the Company's ADSs to ensure no default has occurred regarding trading suspension or failure to list.