Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 96

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 96
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 an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal controls over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal controls over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

WWC, P.C.

Certified Public Accountants

PCAOB ID: 1171

We have served as the Company’s auditor since 2021.

San Mateo, California

April 15, 2024

F-2

NORTHANN CORP. 

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2024 AND 2023

(In U.S. dollars)

  2024  2023        ASSETS        CURRENT ASSETS        Cash $245,164  $1,101,443 Restricted cash  -   3,771 Accounts receivable, net  3,106,561   2,615,458 Inventory, net  1,995,611    2,645,488 Prepayments  490,948   311,402 Other receivables and other current assets  74,984    127,313 Total current assets  5,913,268   6,804,875          NON-CURRENT ASSETS        Property, plant and equipment, net  3,894,434    4,724,105 Construction in progress  1,258,701   962,338 Intangible assets, net  977,986    1,030,982 Operating lease right-of-use assets, net  1,822,266    87,380 Security deposits  9,030   9,030 Total non-current assets  7,962,417    6,813,835          TOTAL ASSETS $13,