Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 80

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 13
Chunk 80
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			9.

			INTANGIBLE ASSETS, NET

			December 31, 

			2024

			December 31, 

			2023

			Land use right

			$

			1,087,291

			$

			1,143,382

			Software

			23,154

			- 

			less: Accumulated amortization

			132,459

			112,400

			$

			977,986

			$

			1,030,982

The Company has pledged its land use rights at No. 199, Newtag, Wujin District, Changzhou, Jiangsu Province, China, 213000 to Industrial and Commercial Bank of China Limited as a collateral for securing its loans. 

The expiry date of the land use right is in 2067.

Amortization expenses charged were $22,611 and $20,059 for the years ended December 31, 2023 and 2024, respectively. The Company expects to record amortization expenses of $23,393, $23,393, $23,393, $23,393, and $23,393 for the years ending December 31, 2025, 2026, 2027, 2028, and 2029 and years after, respectively

F-17

   10.BANK BORROWINGS  Current Short-term loans as of December 31, 2024 and 2023 represents bank borrowings of $ $4,699,081 and $5,689,721, respectively obtained from financial institutions in the PRC. The short-term bank borrowings were secured by land use right. The weighted average interest rate for the short-term loans for the years ended December 31, 2024 and 2023 was approximately 4.30% and 4.48%, respectively.   Bank Loan period  Interest rate    Balance at December 31, 2024  Balance at December 31, 2023              Industrial and Commercial Bank of China  July 13, 2023-July 10, 2024   4.35% $  $1,411,891 Industrial and Commercial Bank of China  June 4, 2024-June 12, 2025   4.35%  1