Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 109

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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. Unrestricted net assets are held in the Company’s subsidiaries located in the US and Hong Kong. The Company does maintain substantial assets and operating subsidiaries in China; therefore, the ability for operating subsidiaries to pay dividends or transfer assets to the Company may be restricted due to the foreign exchange control policies and availability of cash balances of the Chinese operating subsidiaries. As of June 30, 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the Consolidated Financial Statements, if any.

F-20

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

Results of Operations

Comparison for the Three Months Ended June 30, 2025 and 2024

The following table sets forth key components of our results of operations for the three months ended June 30, 2025 and 2024, both in dollars and as a percentage of our revenues.

  Three Months Ended June 30,   2025  2024   Amount  of Revenue  Amount  of Revenue Revenues  1,706,221   100.0%  3,888,893   100.0%Cost of revenues  2,620,029   153.6%  2,988,266   76.8%Gross profit  (913,808)  (53.6)%  900,627   23.2%Operating expenses            Selling expenses  517,588   30.3%  187,062   4.8%General and administrative expenses  506,319   29.7%  1,461,225   37.6%Research and development expenses  256,176   15.0%  419,588   10.8%(Loss) Income from operations  (2,193,891)  (128.6)%  (1,167,248)  (30.0)%Other Income (expenses)            Interest income  11   -%  -   -Interest expense  (67,678)  (4.0)%  (77,696)  (2.0)%Other expenses  -   -    250