Company: NCL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001575872-25-000691
Chunk: 22

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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	$

			1,685,455

			$

			1,517,698

			Finished goods

			1,792,935

			477,913

			Total

			3,478,390

			1,995,611

			 less: Impairment

			-

			-

			Inventories, net

			$

			3,478,390

			$

			1,995,611

			6. 

			EQUIPMENT, NET

Equipment, net consist of the following:

			September 30,

			2025

			December 31,

			2024

			Manufacturing equipment

			$

			8,537,482

			$

			8,315,845

			Office equipment

			399,370

			314,748

			less: Accumulated depreciation

			5,340,638

			4,736,159

			Total

			$

			3,596,214

			$

			3,894,434

F-12

  Depreciation expenses charged to the consolidated statements of operations for the periods ended September 30, 2025 and 2024 were $474,709 and $499,107, respectively.

7. INTANGIBLE ASSETS, NET   September 30,2025    December 31,2024         Land use right $1,113,983  $1,087,291 Software  23,740   23,154 less: Accumulated amortization  153,803   132,459   $983,920  $977,986  The Company has pledged its land use rights at No. 199, Newtag, Wujin District, Changzhou, Jiangsu Province, China, 213000 to Industrial and Commercial Bank of China Limited as a collateral for securing its loans.

8. LOAN PAYABLE Short-term and long-term loans as of September 30, 2025 and December 31, 2024 represents mainly bank borrowings obtained from financial institutions in the PRC. The short-term and long-term bank borrowings were secured by land use right. The weighted average interest rate for the bank borrowings for the nine months ended September 30, 2025 and 202