Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 64

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1F
Chunk 64
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December 31,2024   Industrial and Commercial Bank of China June 13, 2025-June 13, 2028    3.45%  $ 1,326,149  $  - Industrial and Commercial Bank of China June 13, 2025-June 13, 2028    3.45   1,395,946    - EIDL Loan From June 26, 2020 to June 25, 2050   3.75%  135,582   136,947 Total          $2,857,677  $136,947 

9. BALANCES WITH RELATED PARTY 1)Related party transactions For the six months ended June 30, 2025 and 2024, the Company’s related party provided working capital to support the Company’s operations when needed. The borrowings were unsecured, due on demand, and interest free. The following table summarizes the balances with the Company’s related party. 2)Related party balances Accounts Name of Related Party  Note  June 30,2025    December 31,2024               Amount due to related party Lin Li, Chief Executive Officer and Chairman of the Board      $863,083  $1,416,432  All the above balances are due on demand, interest-free and unsecured. The Company used the funds for its operations.

10. EQUITY Preferred Stock The Company is authorized to issue 500,000,000 shares of capital stock, consisting of 400,000,000 shares of common stock, par value US$0.001 per share, and 100,000,000 shares of preferred stock, par value US$0.001 per share. 20,000,000 shares were designated to be series A preferred stock (the “Series A Preferred Stock”) out of the 100,000,000 shares of blank check preferred stock. Each share of common stock is entitled to one vote and each share of Series A Preferred Stock is entitled to ten votes on any matter on which action of the stockholders of the corporation is sought. The Series A Preferred Stock will vote together with the common stock. Common stock and Series A Preferred Stock are not convertible into each other. Holders of Series A Preferred Stock are not entitled to receive dividends. The Series A Preferred Stock does not