Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 79

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 13
Chunk 79
---

Accounts receivable consist of the following:

			December 31, 

			2024

			December 31, 

			2023

			Gross accounts receivable

			$

			3,106,561

			$

			2,615,458

			Total

			$

			3,106,561

			$

			2,615,458

There was no allowance for doubtful accounts recorded as of December 31, 2024, and 2023. 

F-16

			6.

			OTHER RECEIVABLES

Other receivables consist of the following:

			December 31,

			2024

			December 31, 

			2023

			Deposit and other receivables

			74,984

			127,313

			Total

			$

			74,984

			$

			127,313

			7.

			INVENTORY, NET

Inventories, net, consist of the following:

			December 31, 

			2024

			December 31,

			2023

			Raw materials and components

			$

			1,517,697

			$

			1,654,771

			Finished goods

			477,913

			990,717

			Inventories, net

			$

			1,995,611

			$

			2,645,488

A loan borrowed by the Company from Bank of America is secured by the inventory.

			8.

			EQUIPMENT, NET

Equipment, net consists of the following:

			December 31, 

			2024

			December 31, 

			2023

			Manufacturing equipment

			8,315,845

			8,790,918

			Office equipment

			314,748

			319,624

			Less: Accumulated depreciation

			4,736,159

			4,386,437

			Total

			$

			3,894,434

			$

			4,724,105

Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2024 and 2023 were $ $625,434  and $657,556, respectively