Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 140

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 7
Chunk 140
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87,978                      3.01   %           (307,016   )              (348.97   )%
Total general and administrative expenses         3,798,777                    100.00    %         2,920,303                    100.00   %            878,474                    30.08    %

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Research and development expenses. Our research and development expenses were $ $783,356 for the year ended December 31, 2024, compared to $1,899,299 for the same period in 2023. In 2024, The R&D expenses decreased in 2024 mainly due to less R&D projects conducted in 2024.
Impairment in goodwill. In the year ended December 31, 2024, we recognized an impairment charge of $2,507,455 on goodwill resulted from the acquisitions of Cedar Modern Limited and Raleigh Industries Limited in 2024. 
Liquidity and Capital Resources
As of December 31, 2024 and 2023, we had cash of $245,164 and $1,101,443. respectively.
The Company believes that its current levels of cash and cash flows from operations will be sufficient to meet its anticipated cash needs for at least the next twelve months. However, it may need additional cash resources in the future if it finds and wishes to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If it determines that its cash requirements exceed its amounts of cash on hand or if it decides to further optimize its capital structure, it may seek to issue additional debt or equity securities or obtain credit facilities or other sources of funding.
The following table set forth a summary of its cash flows for the periods indicated:

                                                                     For the Years Ended               
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                                                          December 31,                                 
                                                      2024                      2023                   
Net cash provided by (used in) operating activities       $(1,233,491     )           $(4,678,716     )
Net cash used in investing activities                     $(296,363       )           $-               
Net cash (used in) provided by financing activities       $(1,186,585     )           $5,376,489       
Operating Activities

Net cash used in operating activities was $1,233,491 for the year ended December 31, 2024, as compared to $4,678,716 net cash used in operating activities for the year ended December 31, 2023.

The