Company: NCL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001575872-25-000691
Chunk: 100

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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$

			3,478,390

			$

			1,995,611

			6. 

			EQUIPMENT, NET

Equipment, net consist of the following:

			September 30,

			2025

			December 31,

			2024

			Manufacturing equipment

			$

			8,537,482

			$

			8,315,845

			Office equipment

			399,370

			314,748

			less: Accumulated depreciation

			5,340,638

			4,736,159

			Total

			$

			3,596,214

			$

			3,894,434

F-12

  Depreciation expenses charged to the consolidated statements of operations for the periods ended September 30, 2025 and 2024 were $474,709 and $499,107, respectively.

7. INTANGIBLE ASSETS, NET   September 30,2025    December 31,2024         Land use right $1,113,983  $1,087,291 Software  23,740   23,154 less: Accumulated amortization  153,803   132,459   $983,920  $977,986  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.

8. LOAN PAYABLE Short-term and long-term loans as of September 30, 2025 and December 31, 2024 represents mainly bank borrowings obtained from financial institutions in the PRC. The short-term and long-term bank borrowings were secured by land use right. The weighted average interest rate for the bank borrowings for the nine months ended September 30, 2025 and 2024 was approximately 3.48% and 6.22%, respectively. Current  Bank Loan period  Interest rate    Balance at September 30, 2025    Balance at December 31, 2024               Industrial and Commercial Bank of China June 4, 2024-June 12, 2025   4.35%