Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 120

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 120
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 +0.1%  -   857,242 Jiangnan Rural Commercial Bank  May 26, 2020-February 27, 2024   4.79%  -   381,211 Jiangnan Rural Commercial Bank  May 26, 2020-February 27, 2024   4.79%  -  889,491 Jiangnan Rural Commercial Bank  February 28, 2024-February 27, 2025   4.79%  1,232,994   -  Agricultural Bank of China, Changzhou Zhonglou Sub-branch  July 26, 2024-July 25, 2025   3.25 %  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