Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 131

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 131
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482 Income taxes  1,733   12,919 Loss – Parent only  (2,420,347)  (3,351,150)Income (loss)– Subsidiaries with unrestricted net assets  1,175,106  (2,117,498)Loss – Subsidiaries with restricted net assets  (3,134,633)  (2,529)Net loss – Consolidated  (4,379,875)  (5,471,177) Condensed Financial Information on Cash Flows   For the years endedDecember 31,    2024  2023 Cash used in operating activities  (2,420,347)  (5,965,604)Cash used in investing activities  -          -Cash provided by financing activities  2,419,977   5,965,750 Net cash flows  (370)    146 Beginning cash balance  370   224 Ending cash balance  -      370   (i)Basis of presentation The condensed financial information reflects the accounts of the Company. The condensed financial information should be read in connection with the consolidated financial statements and notes thereto. The condensed financial information is presented as if the incorporation of the Company were in effect since January 1, 2020,  (ii)Restricted Net Assets Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.). The Company’s only assets are its equity interests in its subsidiaries. Unrestricted net assets are held in the Company’s subsidiaries located in the US and Hong Kong. The Company does maintain substantial assets and operating subsidiaries in China; therefore, the ability for operating subsidiaries to pay dividends or transfer assets to the Company may be