Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 68

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1F
Chunk 68
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 with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes. The following table provides a summary of leases by balance sheet location as of June 30, 2025 and December 31, 2024: Assets/liabilities June 30,2025    December 31,2024  Assets        Operating lease right-of-use assets $1,648,594  $1,822,266          Liabilities        Operating lease liability - current $370,800  $355,754 Operating lease liability - non-current  1,277,794   1,466,512 Total lease liabilities $1,648,594  $1,822,266  Cash flow information related to operating leases consists of the following:   For the six monthsended June 30, 2025     For the six monthsEnded June30, 2024  Cash paid for amounts included in the measurement of operating lease liabilities $217,428  $17,534 Right-of-use assets obtained in exchange for new lease obligations:  -   -   F-16

 The operating lease expenses for the six months ended June 30, 2025 and 2024 were as follows: Lease Cost Classification  For the sixmonthsendedJune 30,2025        For the sixmonthsendedJune 30,2024    Operating lease expense General and administrative expenses  $217,428  $17,534    Maturities of operating lease liabilities as of June 30, 2025 were as follows: Maturity of Lease Liabilities OperatingLeases  Within one year   221,426 Within a period of more than one year but not more than two years  $439,278 Within a period of more than two year but not more than three years   428,376 Within a period of more than three year but not more than four years  441,227 Within a period of more than four years but not more than five