Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 45

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 12
Chunk 45
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 the Loan Agreement. In connection with the Loan Agreement, on January 27, 2025, Benchwick LLC entered into a membership interest pledge agreement with 3DFLOR and 3D PRINTING, in favor of 3DFLOR (the “Pledge Agreement”), to pledge to 3DFLOR (i) all 49 million Class A Units of 3D PRINTING it owns (the “Pledged Units”) and (ii) all proceeds and products of the Pledged Units (collectively with the Pledged Units, “Collateral”), as security for the performance of 3D PRINTING’s obligations under the Loan Agreement.  On February 27, 2025, 3D PRINTING filed a UCC-1 Financing Statement securing 3DFLOR’s security interests in the Collateral with Delaware. The Company’s audit committee approved and ratified the above mentioned transactions. The Company initiated a lawsuit against Newivy Flooring in the Sacramento court during the second quarter of 2025, with a claim amount of $56,454.49.

F-25

 21.UNRESTRICTED NET ASSETS 

 The following presents condensed financial information of Northann Corp: Condensed Financial Information on Financial Position   As of December 31,   2024  2023 Cash  -   370 Amounts due from subsidiaries  4,422,688   5,504,920 Total current assets  4,422,688        5,505,290 All other non-current assets  -   - Interests in a subsidiary  9,452,997   9,948,890 Total Assets  13,875,685   15,454,180          Liabilities and Stockholders’ Deficit        All other current liabilities  358,626   599,664 Amounts due to subsidiaries  10,881,994   10,660,508 Total current liabilities  11,240,620   11,260,172 Non-current liabilities  35,892   1,950,000 Total Liabilities  11,240,620   13,210,172          Stockholders’ Equity (Deficit)        Preferred stock,100,000,000 shares authorized – Series A, $0.001 par value, 20,000,000 shares designated,