Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 142

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 7
Chunk 142
---
 activities for the year ended December 31, 2023 was mainly attributable to the net proceeds from IPO of $5,965,750.

  53 
-----
Contractual Obligations
The Company’s subsidiary NDC has an operating lease primarily for its corporate office and equipment. The lease contract was within three years and the renewal was at landlord’s discretion.
Operating lease expenses were $438,854 and $30,274 for the years ended December 31, 2024 and 2023, respectively.
Off-Balance Sheet Transactions
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.
JOBS Act
On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, eases certain reporting requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Quantitative and Qualitative Disclosures about Market Risk

(a)   Concentrations
--------------------
During the fiscal year ended December 31, 2024, two customers accounted for nearly 70% of the Company’s revenues. During the fiscal year ended December 31, 2023, two customers accounted for nearly 91% of the Company’s revenues. No other customer accounts for more than 6% of the Company’s revenue in the years ended December 31, 2024 and 2023.
As of  December 31, 2024, five customers accounted for 94% of the Company’s accounts receivable. As of December 31, 2023, five customers accounted for 72% of the Company’s accounts receivable. No other customer accounts for more than 3% of the Company’s accounts receivable for the years ended December 31,