Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 18

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 12
Chunk 18
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)

			(1,307,808

			)

			Amount received from secured borrowing arrangement

			-

			599,664

			Payment of secured borrowing arrangement

			(844,900

			)

			-

			Settlement of convertible notes

			(500,000
			
			)

			-

			Amounts received from related party

			1,136,913

			118,883

			Net proceeds from issuance of ordinary shares upon IPO

			-

			5,965,750

			Net cash (used in) provided by financing activities

			(1,186,585

			)

			5,376,489

			Effect of exchange rates on cash

			1,856,389

			152,506

			Net change in cash and restricted cash

			(860,050

			)

			850,279

			Cash and restricted cash at beginning of year 

			1,105,214

			254,935

			Cash and restricted cash at end of year 

			$

			245,164

			$

			1,105,214

			Supplemental of cash flow information

			Cash paid for interest expenses

			$

			246,140

			$

			255,229

			Cash paid for income tax

			$

			120,525

			$

			286,762

The accompanying notes are an integral part of these consolidated financial statements.

F-6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31 2024 AND 2023

(In U.S. dollars)

 1.ORGANIZATION AND BUSINESS

 The Company commenced operations in August 2013 with the establishment of Northann Building Solutions LLC. (“NBS”) in Delaware. In December 2013, Northann (Changzhou) Construction Products Ltd (“NCP”) was established in China. All of its products were manufactured through NCP. In March 2014, Benchwich Construction Products Ltd (“Benchwick”) was established in Hong Kong. All wholesales to distributors are conducted through Benchwick. In April 2014, Changzhou Macro Merit International Trading Co., Ltd. (“MARCO”) was established in China. All the import/export of our products