Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 36

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 12
Chunk 36
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  726,099   - Total       $4,699,081  $5,689,721          The loan from Bank of America is secured by the Company’s inventory.   Non-current   Bank Loan period  Interest rate      Balance at December 31, 2024      Balance at December 31, 2023   EIDL Loan  From June 26, 2020 to June 25, 2050   3.75%  136,947   124,905 Total          $136,947  $124,905         F-18      11.BALANCES WITH RELATED PARTY    1)Related party transactions   For the years ended December 31, 2023 and 2024, the Company’s related party provided working capital to support the Company’s operations when needed. The borrowings were unsecured, due on demand, and interest free. The following table summarizes borrowing transactions with the Company’s related party:   2)Related party balances     Accounts Name of Related Party  Note  December 31,  2024      December 31, 2023   Amount due to related party  Lin Li, Chief Executive Officer and Chairman of the Board      $1,416,432  $302,943        All the above balances are due on demand, interest-free and unsecured. The Company used the funds for its operations.      12.EQUITY    Preferred Stock   The Company is authorized to issue 500,000,000 shares of capital stock, consisting of 400,000,000 shares of common stock, par value US$0.001 per share, and 100,000,000 shares of preferred stock, par value US$0.001 per share. 20,000,000 shares were designated to be series A preferred stock (the “Series A Preferred Stock”) out of the 100,000,000 shares of blank check preferred stock. Each share of common stock is entitled to one vote and each share of Series A Preferred Stock is entitled to ten votes on any matter on which action of the stockholders of the corporation is sought. The Series A Preferred Stock will vote together with the common stock. Common stock and Series A Preferred Stock are not convertible into each other. Holders of Series A Preferred Stock are