Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 33

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 12
Chunk 33
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 for tax purposes. Pro forma results reflecting these two transactions were not presented because both acquirees were not significant to the Company’s consolidated financial results. Since the acquisition date, both Cedar and Raleigh contributed no revenues and no net income or loss to the Company. 

F-15

			4.

			RESTRICTED CASH

Restricted cash consist of the following: 

			December 31,

			2024

			December 31,

			2023

			Deposit for Bank acceptance bill

			$

			-

			$

			3,771

			Total

			$

			-

			$

			3,771

			5.

			ACCOUNTS RECEIVABLE, NET

Accounts receivable consist of the following:

			December 31, 

			2024

			December 31, 

			2023

			Gross accounts receivable

			$

			3,106,561

			$

			2,615,458

			Total

			$

			3,106,561

			$

			2,615,458

There was no allowance for doubtful accounts recorded as of December 31, 2024, and 2023. 

F-16

			6.

			OTHER RECEIVABLES

Other receivables consist of the following:

			December 31,

			2024

			December 31, 

			2023

			Deposit and other receivables

			74,984

			127,313

			Total

			$

			74,984

			$

			127,313

			7.

			INVENTORY, NET

Inventories, net, consist of the following:

			December 31, 

			2024

			December 31,

			2023

			Raw materials and components

			$

			1,517,697

			$

			1,654,771

			Finished goods

			477,913

			990,717

			Inventories, net

			$

			1,995,611

			$

			2,645,488

A loan borrowed by the Company from Bank of America is secured by the inventory.

			8.

			EQUIPMENT, NET

Equipment, net consists of the following