Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 98

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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 the following: 

  June 30,2025    December 31,2024         Deposit and other assets  67,019   74,984 Total $67,019  $74,984 

5. INVENTORY, NET Inventories, net, consist of the following: 

  June 30,2025    December 31,2024  Raw materials and components $1,667,289  $1,517,698 Finished goods  1851,851   477,913 Total  3,519,140   1,995,611  less: Impairment  -   - Inventories, net $3,519,140  $1,995,611 

F-12

6. EQUIPMENT, NET Equipment, net consist of the following:   June 30,2025    December 31,2024         Manufacturing equipment $8,484,397  $8,315,845 Office equipment  324,258   314,748 less: Accumulated depreciation  5,149,024   4,736,159 Total $3,659,631  $3,894,434  Depreciation expenses charged to the consolidated statements of operations for the periods ended June 30, 2025 and 2024 were $317,168 and $141,479respectively.

7. LAND USE RIGHTS, NET   June 30,2025    December 31,2024         Land use right $1,107,255  $1,087,291 Software  23,592   23,154 less: Accumulated amortization  146,886   132,459   $983,961  $977,986  The Company has pledged its land use rights at No. 199, Newtag, Wujin District, Changzhou, Jiangsu Province, China, 213000 to Industrial and Commercial Bank of China Limited as a collateral for securing its loans. 

8. BANK BORROWINGSShort-term and long-term loans as of June 30, 2025 and December 31, 2024 represents bank borrowings obtained from financial institutions in the PRC.The short-term and long-term bank