Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 106

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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-for-1 reverse stock split of the issued and outstanding shares. Under the reverse split, every two shares of outstanding shares issued and outstanding were automatically converted into one share of ordinary share, with a par value of US$ 0.001 each. Except as otherwise indicated, all information in the consolidated financial statements concerning share and per share data gives retroactive effect to the 2-for-1 reverse stock split. The total number of outstanding common shares immediately before the reverse split was 40,000,000 and immediately after the reverse split was 20,000,000. The total number of outstanding preferred shares immediately before the reverse split was 10,000,000 and immediately after the reverse split was 5,000,000.

17. SECURED BORROWING ARRANGEMENT In July 2023, the Company signed a secured borrowing agreement with a financial institution in the United States, in which the Company borrowed $1,000,000 secured by its accounts receivable amounted $1,491,000. It is scheduled under the agreement that the Company pays $49,700 per week for thirty weeks to the financial institution to repay the loan. On January 21, 2025, 3D PRINTING entered into an EB-5 loan agreement with 3DFLOR Chairman and controlling shareholder, Lin Li (“3DFLOR”), pursuant to which 3DFLOR agreed to provide 3D PRINTING a loan, with an initial maximum principal amount of $24,000,000 at an interest rate of 1.00% per year.

18. SUBSEQUENT EVENT The short-term bank loan of $1,256,352 expired on July 27, 2025 and renewed until March 28, 2026 with interest rate of 4.55% per annum.

F-18

19.          UNRESTRICTED NET ASSETS The following presents condensed financial information of Northann Corp: Condensed Financial Information on Financial Position   As ofJune 30,    As ofDecember 31,    2025  2024   (Unaudited)    Cash  500   - Amounts due from subsidiaries  7,487,336   4,422,688 Total current assets  7,487,836   4,422,688 All other non-current assets  1,608,932   - Interests in a