Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 20

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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4 were $317,168 and $141,479respectively.

7. LAND USE RIGHTS, NET   June 30,2025    December 31,2024         Land use right $1,107,255  $1,087,291 Software  23,592   23,154 less: Accumulated amortization  146,886   132,459   $983,961  $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. BANK BORROWINGSShort-term and long-term loans as of June 30, 2025 and December 31, 2024 represents 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 six months ended June 30, 2025 and 2024 was approximately 4.93% and 4.70%, respectively. Current Bank Loan period  Interestrate    Balance atJune 30,2025      Balance atDecember 31,2024                Industrial and Commercial Bank of China June 4, 2024-June 12, 2025   4.35% $-  $1,369,994 Industrial and Commercial Bank of China June 4, 2024-June 10, 2025   4.35%  -   1,369,994 Jiangnan Rural Commercial Bank February 28, 2024-July 27, 2025   4.79%  1,256,352   1,232,994 Agricultural Bank of China, Changzhou Zhonglou Sub-branch July 26, 2024-August 23, 2025   3.25%  739,851   726,097 Total          $1,996,203  $4,699,080    F-13  

Non-current Bank Loan period  Interestrate    Balance atJune 30,2024      Balance at