Company: NCL
Filing Date: 2025-07-02
Form Type: 10-K/A
Source: 0001575872-25-000444
Chunk: 34

Company: Northann Corp.
Filing Date: 2025-07-02
Form: 10-K/A
Chunk 34
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            | 124,905 |

| F-19 |

| 11. | BALANCES WITH RELATED PARTY |

| 1) | Related party transactions |

For the year s ended December 31, 202 3 and 202 4 , the Company’s related party provided working capital to supportthe Company’s operations when needed. The borrowings were unsecured, due on demand, and interest free. The following table summarizes borrowing transactions with the Company’s related party:

| 2) | Related party balances |

|                             | Accounts |     | Name of Related Party                                     |     |     | Note |   | December 31, 
         2024 |     |   | December 31, 
         2023 |
|:----------------------------|:---------|:----|:----------------------------------------------------------|:----|:----|:-----|:--|-------------:|:----|:--|-------------:|
| Amount due to related party |          |     | Lin Li, Chief Executive Officer and Chairman of the Board |     |     |      | $ |    1,416,432 |     | $ |      302,943 |

All the above balances are due on demand, interest-free and unsecured. The Company used the funds for its operations.

| 12. | EQUITY |

Preferred Stock The Company is authorized to issue 500,000,000shares of capital stock, consisting of 400,000,000shares of common stock, par value US$ 0.001per share, and 100,000,000shares of preferred stock, par value US$ 0.001per share. 20,000,000shares were designated to be series A preferred stock (the “Series A Preferred Stock”) out of the 100,000,000shares of blank check preferred stock. Each share of common stock is entitled to one voteand each share of Series A Preferred Stock is entitled to ten voteson any matter on which action of the stockholders of the corporation is sought. The Series A Preferred Stock will vote together with the common stock. Common stock and Series A Preferred Stock are not convertible into each other. Holders of Series A Preferred Stock are not entitled to receive dividends. The Series A Preferred Stock does not have liquidation preference over the Company’s Common Stock, and therefore ranks pari passu with the Common Stock in the event of liquidation. Common Stock The Company is authorized to issue 400,000,000shares of common stock with par value of