Company: NCL
Filing Date: 2025-07-02
Form Type: 10-K/A
Source: 0001575872-25-000444
Chunk: 16

Company: Northann Corp.
Filing Date: 2025-07-02
Form: 10-K/A
Chunk 16
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 received from related party                                                   |     |      |  1,136,913 |   |     |      |    118,883 |   |
| Net proceeds from issuance of ordinary shares upon IPO                                |     |      |          - |   |     |      |  5,965,750 |   |
| Net cash(used in)provided by financing activities                                     |     |      | (1,186,585 | ) |     |      |  5,376,489 |   |
| Effect of exchange rates on cash                                                      |     |      |  1,856,389 |   |     |      |    152,506 |   |
| Net change in cashand restricted cash                                                 |     |      |   (860,050 | ) |     |      |    850,279 |   |
| Cashand restricted cashat beginning of year                                           |     |      |  1,105,214 |   |     |      |    254,935 |   |
| Cashand restricted cashat end of year                                                 |     | $    |    245,164 |   |     | $    |  1,105,214 |   |
| Supplemental of cash flow information                                                 |     |      |            |   |     |      |            |   |
| Cash paid for interest expenses                                                       |     | $    |    246,140 |   |     | $    |    255,229 |   |
| Cash paid for income tax                                                              |     | $    |    120,525 |   |     | $    |    286,762 |   |

<div align='center'>The accompanyingnotes are an integral part of these consolidated financial statements.</div>

| F-7 |

<div align='center'>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31 202 4 AND 202 3

(In U.S. dollars)</div>

| 1. | ORGANIZATION AND BUSINESS |

The Company commenced operations in August 2013 with the establishment of Northann Building Solutions LLC. (“NBS”) in Delaware. In December 2013, Northann (Changzhou) Construction Products Ltd (“NCP”) was established in China. All of its products were manufactured through NCP.

In March 2014, Benchwich Construction Products Ltd (“Benchwick”) was established in Hong Kong. All wholesales