Company: NCL
Filing Date: 2025-07-02
Form Type: 10-K/A
Source: 0001575872-25-000444
Chunk: 41

Company: Northann Corp.
Filing Date: 2025-07-02
Form: 10-K/A
Chunk 41
---
19. | 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 $ 1,000,000secured by its accounts receivable amounted $ 1,491,000.

It is scheduled under the agreement that the Company pays $ 49,700per week for thirty weeks to the financial institution to repay the loan.

| F-25 |

On January 21, 2025, 3D PRINTING entered into an EB-5 loan agreement (the “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$ 24,000,000at an interest rate of 1.00% per year.

| 20. | SUBSEQUENT EVENT |

On January 21, 2025, 3D PRINTING entered into an EB-5 loan agreement (the “Loan Agreement”) with 3DFLOR OPPORTUNITY, LP, a Delaware limited partnership and a related party controlled by the Company’s CEO, 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 $ 24,000,000at an interest rate of 1.00% per year.

In connection with the Loan Agreement, 3D PRINTING issued a promissory note to 3DFLOR in an amount of $ 24,000,000, dated January 27, 2025 (the “Promissory Note”). The Promissory Note bears the interest of one percent ( 1%) per year and the interest shall be non-compounding and calculated on the basis of a 366-day year, payable on the basis of the actual number of days elapsed. Pursuant to the Loan Agreement, the principal is due and is repayable in full on the third (3rd) anniversary of the closing date of the Loan Agreement.

In connection with the Loan Agreement, on January 27, 2025, Benchwick LLC entered into a membership interest pledge agreement with 3DFLOR and 3D PRINTING, in favor of 3DFLOR (the “Pledge Agreement”), to pledge to 3DFLOR (i