Company: NCL
Filing Date: 2025-07-02
Form Type: 10-K/A
Source: 0001575872-25-000444
Chunk: 12

Company: Northann Corp.
Filing Date: 2025-07-02
Form: 10-K/A
Chunk 12
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, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

WWC, P.C.

Certified Public Accountants

PCAOB ID: 1171

We have served as the Company’s auditor since 2021.

San Mateo, California

April 15, 2024

| F-3 |

<div align='center'>NORTHANN CORP.

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 202 4 AND 202 3

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

| ASSETS                                                                                                                                                                       
 CURRENT ASSETS                                                                                                                                                               |     | 2024 |            |   |     | 2023 |            |   |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Cash                                                                                                                                                                         |     | $    |    245,164 |   |     | $    |  1,101,443 |   |
| Restricted cash                                                                                                                                                              |     |      |          - |   |     |      |      3,771 |   |
| Accounts receivable, net                                                                                                                                                     |     |      |  3,106,561 |   |     |      |  2,615,458 |   |
| Inventory, net                                                                                                                                                               |     |      |  1,995,611 |   |     |      |  2,645,488 |   |
| Prepayments                                                                                                                                                                  |     |      |    490,948 |   |     |      |    311,402 |   |
| Other receivables and other current assets                                                                                                                                   |     |      |     74,984 |   |     |      |    127,313 |   |
| Total current assets                                                                                                                                                         |     |      |  5,913,268 |   |     |      |  6,804,875 |   |
| NON-CURRENT ASSETS                                                                                                                                                           |     |      |            |   |     |      |            |   |
| Property, plant and equipment, net                                                                                                                                           |     |      |  3,894,434