Company: NCL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001575872-25-000691
Chunk: 108

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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LOR”), pursuant to which 3DFLOR agreed to provide 3D PRINTING a loan, with an initial maximum principal amount of $24,000,000 at an interest rate of 1.00% per year.

18. SUBSEQUENT EVENT On October 7, 2025, the Company effected a 1-for-8 reverse stock split (the “Reverse Stock Split”) of its common stock, par value $0.001 per share (the “Common Stock”) and series A preferred stock, par value $0.001 per share (the “Preferred Stock”). As a result of the Reverse Stock Split, every eight (8) shares of the Company’s issued and outstanding Common Stock have been converted into one (1) share of issued and outstanding Common Stock and every eight (8) shares of the Company’s issued and outstanding Preferred Stock have been converted into one (1) share of Preferred Stock. 

F-18

19. UNRESTRICTED NET ASSETS The following presents condensed financial information of Northann Corp: Condensed Financial Information on Financial Position   As ofSeptember 30,    As ofDecember 31,    2025  2024   (Unaudited)    Cash $ 500  $ - Amounts due from subsidiaries  7,350,026   4,422,688 Total current assets  7,350,526   4,422,688 All other non-current assets  1,527,764   - Interests in a subsidiary  6,075,928   9,452,997 Total Assets  14,953,718   13,875,685          Liabilities and Stockholders’ Deficit        All other current liabilities $ 344,216  $ 358,626 Amounts due to subsidiaries  12,764,879   10,881,994 Total current liabilities  13,109,095   11,240,620 Non-current liabilities  -   35,892 Total Liabilities  13,109,095   11,276,512          Stockholders’ Equity (Deficit)        Preferred stock – Series A, $0.001 par value, 100,000,000 shares authorized, 10,000,000 shares issued and outstanding as of September 30, 2025 and December