Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 62

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 13
Chunk 62
---
149

			7,500,233

			Accrued compensation expense 

			(2,927,250
			
			)

			(2,927,250

			)

			Foreign currency translation adjustment

			1,823,453

			1,823,453

			Balance, December 31, 2024

			5,000,000

			5,000

			55,464,000

			55,464

			(1,375,000

			)

			12,559,915

			(9,693,818

			)

			1,047,612

			2,599,173

The accompanying notes are an integral part of these consolidated financial statements.

			*

			Retrospectively restated for the effect of 2-for-1 reverse stock split. (Note 18) 

F-5

NORTHANN CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(In U.S. dollars)

			2024

			2023

			Cash flows from operating activities

			Net loss 

			$

			(4,379,875

			)

			$

			(7,132,573

			)

			Adjustments to reconcile net loss to cash (used in) provided by operating activities:

			Allowance for doubtful accounts

			-

			13,891

			Depreciation and amortization

			645,493

			680,166

			Impairment of Property, plant and equipment

			-

			- 

			Inventory write down

			-

			- 

			Impairment of goodwill

			2,507,455

			- 

			Income from settlement of convertible notes

			(250,000
			
			)

			- 

			Share-based compensation

			2,042,105

			- 

			Changes in assets and liabilities

			Accounts receivable

			(491,103

			)

			(1,186,720

			)

			Other receivables

			52,328

			(16,019

			)