Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 98

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 98
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  (775,841)Total stockholders’ equity  2,599,173  582,612          TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $13,875,685  $13,618,710 

The accompanying notes are an integral part of these consolidated financial statements.

 *Retrospectively restated for the effect of 2-for-1 reverse stock split. (Note 18) 

F-3

NORTHANN CORP. 

CONSOLIDATED STATEMENTS OF OPERATIONS 

AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(In U.S. dollars)

			2024

			2023

			REVENUES

			$

			15,349,854 

			$

			13,971,729

			COST OF REVENUES

			11,370,028 

			12,744,474

			GROSS PROFIT

			3,979,826

			1,214,364

			OPERATING EXPENSES

			Selling expenses

			1,071,633

			1,158,467

			General and administrative expenses

			3,798,777 

			2,920,303

			Research and development expenses

			783,356 

			1,899,299

			Total operating expenses

			5,653,766 

			5,978,069

			LOSS FROM OPERATIONS 

			(1,673,940

			)

			(4,763,705
			
			)

			OTHER INCOME (EXPENSE)

			Interest expense

			(470,900

			)

			(1,709,983

			)

			Amortization of debt discounts

			-

			(645,576

			)

			Other income

			306,404

			1,052

			Other expenses

			(32,371

			)

			-

			Impairment loss on goodwill

			(2,507,455

			)

			-

			Interest income

			120

			-

			Total other expenses, net

			(2,704,202