Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 126

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 126
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$

			30,274

Maturities of operating lease liabilities as of December 31, 2024 were as follows:

			Maturity of Lease Liabilities

			Operating 

			Leases

			12 months ending December 31,

			2025

			$

			438,854

			2026

			439,278

			2027

			$

			428,376

			2028

			441,227

			2029

			299,976

			Total lease payments

			$

			2,047,712

			Less: interest

			(225,445

			)

			Present value of lease payments

			$

			1,822,266

Lease liabilities include lease and non-lease component such as management fee.

Future minimum lease payments, which do not include the non-lease components, as of December 31, 2024 were as follows:

			12 months ending December 31,

			2024

			$

			35,069

			2025

			35,069

			2026

			23,379

			Total lease payments

			$

			93,517

			Lease Term and Discount Rate

			December 31, 

			2024

			December 31, 

			2023

			Weighted-average remaining lease term (years)

			Operating leases

			4.57

			2.92

			Weighted-average discount rate (%)

			Operating leases

			5

			%

			5

			%

			16.

			CONCENTRATIONS AND CREDIT RISK

			(a)

			Concentrations

During the fiscal year ended December 31, 2024, two customers accounted for nearly 72% of the Company’s revenues. During the fiscal year ended December 31, 2023, two customers accounted for nearly 91% of the Company’s revenues.  No other customer accounts for more than 6% of the Company’s revenue in the years ended December 31, 2024 and 2023.

As of December 31, 2024, five customers accounted for 94% of the Company’s accounts receivable. As of December 31, 2023, five customers accounted for