Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 83

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1F
Chunk 83
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, 2025 mainly included the payments for construction in progress. 

Net cash used in investing activities was $326,829 for the six months ended June 30, 2024. The net cash used in investing activities for the six months ended June 30,2024 mainly included the payments for construction in progress.

Financing Activities

Net cash provided by financing activities for the six months ended June 30, 2025 was $4,450,938. The net cash provided by financing activities mainly came from proceeds from the issuance of 40,000,000 common stock in the six months ending June 30, 2025. 

Net cash used in financing activities for the six months ended June 30, 2024 was $889,558. The change was mainly due to the borrowing amounting $1,428,400 from a related party of our Company, repayment of borrowings totaling $1,817,958 and the payment of $500,000 to settle the convertible notes during the six months ended June 30, 2024.

Contractual Obligations 

The Company’s subsidiary NDC has two operating leases for its corporate office and warehouse. The lease contracts were within three years and the renewal was at landlord’s discretion.

Operating lease expenses were $173,672 and $17,534 for the six months ended June 30, 2025 and 2024, respectively.

Item 3. Quantitative and Qualitative Disclosures about Market Risk 

Not applicable as we are a “smaller reporting company” as defined by Item 229.10(f)(1) of Regulation S-K. 

Item 4. Controls and Procedures 

The Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer (principal executive officer) and Interim Chief Financial Officer (principal financial officer and principal accounting officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, the Chief Executive Officer and Interim Chief Financial Officer concluded that as of the end of the period covered by this report, the Company’s disclosure controls and procedures (as defined in § 240.13a-15(e) or 240.15d-15(e) of Regulation S-K) were effective at ensuring that information required to be disclosed in the reports that the Company files or submits under the Exchange