Company: NCL
Filing Date: 2025-07-02
Form Type: 10-K/A
Source: 0001575872-25-000444
Chunk: 42

Company: Northann Corp.
Filing Date: 2025-07-02
Form: 10-K/A
Chunk 42
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) all 49million Class A Units of 3D PRINTING it owns (the “Pledged Units”) and (ii) all proceeds and products of the Pledged Units (collectively with the Pledged Units, “Collateral”), as security for the performance of 3D PRINTING’s obligations under the Loan Agreement.

On February 27, 2025, 3D PRINTING filed a UCC-1 Financing Statement securing 3DFLOR’s security interests in the Collateral with Delaware. The Company’s audit committee approved and ratified the above mentioned transactions.

The C ompany initiated a lawsuit against Newivy Flooring in the Sacramento court during the second quarter of 2025, with a claim amount of $ 56,454.49.

| F-26 |

| 21. | UNRESTRICTED NET ASSETS |

The following presents condensed financial information of Northann Corp:

Condensed Financial Information on Financial Position

|                                                                                                                                                                               |     | As of December 31, |            |   |     |      |            |   |
|                                                                                                                                                                               |     |               2024 |            |   |     | 2023 |            |   |
| Cash                                                                                                                                                                          |     |                    |          - |   |     |      |        370 |   |
| Amounts due from subsidiaries                                                                                                                                                 |     |                    |  4,422,688 |   |     |      |  5,504,920 |   |
| Total current assets                                                                                                                                                          |     |                    |  4,422,688 |   |     |      |  5,505,290 |   |
| All other non-current assets                                                                                                                                                  |     |                    |          - |   |     |      |          - |   |
| Interests in a subsidiary                                                                                                                                                     |     |                    |  9,452,997 |   |     |      |  9,948,890 |   |
| Total Assets                                                                                                                                                                  |     |                    | 13,875,685 |   |     |      | 15,454,180 |   |
| Liabilities and Stockholders’ Deficit                                                                                                                                         |     |                    |            |   |     |      |            |   |
| All other current liabilities                                                                                                                                                 |     |                    |    358,626 |   |     |      |    599,664 |   |
| Amounts due to subsidiaries                                                                                                                                                   |     |                    | 10,881,