Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 12

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 12
Chunk 12
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B ID: 1171

We have served as the Company’s auditor since 2021.

San Mateo, California

April 15, 2024

F-2

NORTHANN CORP. 

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2024 AND 2023

(In U.S. dollars)

  2024  2023        ASSETS        CURRENT ASSETS        Cash $245,164  $1,101,443 Restricted cash  -   3,771 Accounts receivable, net  3,106,561   2,615,458 Inventory, net  1,995,611    2,645,488 Prepayments  490,948   311,402 Other receivables and other current assets  74,984    127,313 Total current assets  5,913,268   6,804,875          NON-CURRENT ASSETS        Property, plant and equipment, net  3,894,434    4,724,105 Construction in progress  1,258,701   962,338 Intangible assets, net  977,986    1,030,982 Operating lease right-of-use assets, net  1,822,266    87,380 Security deposits  9,030   9,030 Total non-current assets  7,962,417    6,813,835          TOTAL ASSETS $13,875,685  $13,618,710          LIABILITIES AND STOCKHOLDERS’ DEFICIT                 CURRENT LIABILITIES        Bank borrowings - current  4,699,081   5,689,721 Operating lease liabilities, current  355,754        31,413 Accounts and other payables and accruals  2,600,469    4,538,322 Taxes payable  601,317    608,679 Unearned revenue  -  1,084,484 Amounts due to related parties  1,416,432    302,943 Obligation under secured borrowing arrangement  -   599,664 Total current liabilities  9