Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 123

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 123
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 the PRC net operating loss will expire in 2026.

The income tax expense was $1,733 and $14,361 for the years ended December 31, 2024 and 2023, respectively, related primarily to the Company’s subsidiaries located outside of the U.S. The income before provision for income taxes for the years ended December 31, 2024 and 2023 was as follows:

The income tax provision consists of the following components:

			For the year ended

			December 31, 

			2024

			For the year ended

			December 31, 

			2023

			Current:

			Federal

			$

			-

			$

			-

			State

			(108

			)

			12,851

			Foreign

			1,841 

			1,509

			Total current

			$ 

			1,733 

			$

			14,361

			Deferred:

			Federal

			$

			-

			$

			-

			State

			-

			-

			Foreign

			- 

			-

			Total deferred

			$ 

			- 

			$

			-

			Total income tax expense

			$

			1,733

			$

			14,361

F-20

A reconciliation between the Company’s actual provision for income taxes and the provision at the United States statutory rate is as follow:

			For the year ended

			December 31, 

			2024

			For the year ended

			December 31, 

			2023

			Loss before income tax expense  

			$

			(4,378,142

			)

			$

			(7,118,212

			)

			Computed tax benefit with statutory tax rate

			29.84

			%

			29.84

			%

			Income tax expense computed at statutory income tax rate

			(1,306,437

			)

			(2,124,074

			)

			Impact of different tax rates in other jurisdictions

			1,115,557 

			1,935,475 

			Tax effect of non-deductible expenses

			192,615

			202,