Company: NCL
Filing Date: 2025-07-02
Form Type: 10-K/A
Source: 0001575872-25-000444
Chunk: 31

Company: Northann Corp.
Filing Date: 2025-07-02
Form: 10-K/A
Chunk 31
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 acquired 100% equity interests of Raleigh Industries Limited (“Raleigh”) for consideration of 4,500,000ordinary shares of the Company. Raleigh is a trading company incorporated in Hong Kong.

The fair value of assets acquired, liabilities assumed and goodwill resulted for this acquisition are as follows:

|                                                             |     |    Amount |
|                                                             |     |       US$ |
| Amount due from related party                               |     |    34,402 |
| Total identifiable assets acquired                          |     |    34,402 |
| Total liabilities assumed                                   |     |         - |
| Net identifiable assets acquired                            |     |    34,402 |
| Number of Class A ordinary shares issued as consideration   |     | 4,500,000 |
| Quoted price of Class A ordinary shares on acquisition date |     |     0.395 |
| Total purchase consideration                                |     | 1,777,500 |
| Goodwill                                                    |     | 1,743,098 |

Goodwill is recognized as a result of expected synergies from combining operations of Cedar and Raleigh and the Company as well as other intangible assets that do not qualify for separaterecognition. Goodwill is not amortized and is not deductible for tax purposes.

Pro forma results reflecting these two transactions were not presented because both acquirees were not significant to the Company’s consolidated financial results. Since the acquisition date, both Cedar and Raleigh contributed no revenues and no net income or loss to the Company.

| F-16 |

| 4. | RESTRICTED CASH |

Restricted cash consist of the following:

|                                  |     | December 31, 
 2024         |   |     | December 31, 
 2023         |       |
|:---------------------------------|:----|:-------------|:--|:----|:-------------|------:|
| Deposit for Bank acceptance bill |     | $            | - |     | $            | 3,771 |
| Total                            |     | $            | - |     | $            | 3,771 |

| 5. | ACCOUNTS RECEIVABLE, NET |

Accounts receivable consist of the following:

|                           |     |   | December 31, 
         2024 |     |   | December 31, 
         2023 |
|:--------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Gross accounts receivable |     | $ |    3