Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 117

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 117
---
 fair value of assets acquired, liabilities assumed and goodwill resulted for this acquisition are as follows:    Amount    US$     Amount due from related party   34,402 Total identifiable assets acquired  34,402     Total liabilities assumed  -     Net identifiable assets acquired  34,402     Number of Class A ordinary shares issued as consideration  4,500,000 Quoted price of Class A ordinary shares on acquisition date  0.395 Total purchase consideration  1,777,500 Goodwill  1,743,098  Goodwill is recognized as a result of expected synergies from combining operations of Cedar and Raleigh and the Company as well as other intangible assets that do not qualify for separate recognition. Goodwill is not amortized and is not deductible for tax purposes. Pro forma results reflecting these two transactions were not presented because both acquirees were not significant to the Company’s consolidated financial results. Since the acquisition date, both Cedar and Raleigh contributed no revenues and no net income or loss to the Company. 

F-15

			4.

			RESTRICTED CASH

Restricted cash consist of the following: 

			December 31,

			2024

			December 31,

			2023

			Deposit for Bank acceptance bill

			$

			-

			$

			3,771

			Total

			$

			-

			$

			3,771

			5.

			ACCOUNTS RECEIVABLE, NET

Accounts receivable consist of the following:

			December 31, 

			2024

			December 31, 

			2023

			Gross accounts receivable

			$

			3,106,561

			$

			2,615,458

			Total

			$

			3,106,561

			$

			2,615,458

There was no allowance for doubtful accounts recorded as of December 31, 2024, and 2023. 

F-16

			6.

			OTHER RECEIVABLES

Other receivables consist of the following:

			December 31,

			2024

			December 31, 

			2023

			Deposit and other receivables

			74,984

			127,313

			Total