Company: NCL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001575872-25-000691
Chunk: 99

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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U 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this update intend to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses, and research and development). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact from the adoption of this ASU on its consolidated financial statements.

			3. 

			ACCOUNTS RECEIVABLE, NET

Accounts receivable consist of the following:

			September 30,

			2025

			December 31,

			2024

			Gross accounts receivable

			$

			2,456,698

			$

			3,106,561

			 Total

			$

			2,456,698

			$

			3,106,561

There was no allowance for doubtful accounts recorded as of September 30, 2025 and December 31, 2024.

			4. 

			OTHER RECEIVABLES

Other receivables consist of the following:

			September 30,

			2025

			December 31,

			2024

			Deposit and other assets

			$ 

			49,925

			$ 

			74,984

			Total

			$

			49,925

			$

			74,984

			5. 

			INVENTORY, NET

Inventories, net, consist of the following:

			September 30,

			2025

			December 31,

			2024

			Raw materials and components

			$

			1,685,455

			$

			1,517,698

			Finished goods

			1,792,935

			477,913

			Total

			3,478,390

			1,995,611

			 less: Impairment

			-

			-

			Inventories, net