Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 42

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 12
Chunk 42
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 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 72% of the Company’s accounts receivable. No other customer accounts for more than 3% of the Company’s accounts receivable for the years ended December 31, 2024 and 2023.

During the fiscal year ended December 31, 2024, five suppliers accounted for a total of 48% of the Company’s cost of revenues. During the fiscal year ended December 31, 2023, three  suppliers accounted for a total of 32%of the Company’s cost of revenues. No other supplier accounts for over 4% of the Company’s cost of revenues.

F-23

As of December 31, 2024, one supplier accounted for over 10% of the Company’s accounts payable. As of December 31, 2023, one supplier accounted for