Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 62

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1F
Chunk 62
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, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses, and research and development). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact from the adoption of this ASU on its consolidated financial statements. 

3. ACCOUNTS RECEIVABLE, NET Accounts receivable consist of the following:   June 30,2025    December 31,2024  Gross accounts receivable $2,755,263  $3,106,561           Total $2,755,263  $3,106,561  There was no allowance for doubtful accounts recorded as of June 30, 2025 and December 31, 2024.

4. OTHER RECEIVABLES Other receivables consist of the following: 

  June 30,2025    December 31,2024         Deposit and other assets  67,019   74,984 Total $67,019  $74,984 

5. INVENTORY, NET Inventories, net, consist of the following: 

  June 30,2025    December 31,2024  Raw materials and components $1,667,289  $1,517,698 Finished goods  1851,851   477,913 Total  3,519,140   1,995,611  less: Impairment  -   - Inventories, net $3,519,140  $1,995,611 

F-12

6. EQUIPMENT, NET Equipment, net consist of the following:   June 30,2025    December 31,2024         Manufacturing equipment $8,484,397  $8,315,845 Office equipment  324,258   314,748 less: Accumulated depreciation  5,149,024   4,736,159 Total $3,659,631  $3,894,434  Depreciation expenses charged to the consolidated statements of operations for the periods ended June 30, 2025 and 202