Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 59

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 13
Chunk 59
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 5,000,000 shares issued and outstanding as of December 31, 2024 and 2023*  5,000   5,000 Common stock, $0.001 par value, 400,000,000 shares authorized, 55,464,000 and 21,380,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively*  55,464   21,380 Subscription receivable  (1,375,000)  (25,000)Accrued compensation expense  (2,927,250)    Additional paid-in capital  15,487,165   6,671,016 Accumulated deficits  (9,693,818)  (5,313,943)Accumulated other comprehensive loss  1,047,612  (775,841)Total stockholders’ equity  2,599,173  582,612          TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $13,875,685  $13,618,710 

The accompanying notes are an integral part of these consolidated financial statements.

 *Retrospectively restated for the effect of 2-for-1 reverse stock split. (Note 18) 

F-3

NORTHANN CORP. 

CONSOLIDATED STATEMENTS OF OPERATIONS 

AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(In U.S. dollars)

			2024

			2023

			REVENUES

			$

			15,349,854 

			$

			13,971,729

			COST OF REVENUES

			11,370,028 

			12,744,474

			GROSS PROFIT

			3,979,826

			1,214,364

			OPERATING EXPENSES

			Selling expenses

			1,071,633

			1,158,467

			General and administrative expenses

			3,798,777 

			2,920,303

			Research and development expenses

			783,356 

			1,899,299

			Total operating expenses

			5,653,766