Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 119

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 16
Chunk 119
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Amortization expenses charged were $22,611 and $20,059 for the years ended December 31, 2023 and 2024, respectively. The Company expects to record amortization expenses of $23,393, $23,393, $23,393, $23,393, and $23,393 for the years ending December 31, 2025, 2026, 2027, 2028, and 2029 and years after, respectively

F-17

   10.BANK BORROWINGS  Current Short-term loans as of December 31, 2024 and 2023 represents bank borrowings of $ $4,699,081 and $5,689,721, respectively obtained from financial institutions in the PRC. The short-term bank borrowings were secured by land use right. The weighted average interest rate for the short-term loans for the years ended December 31, 2024 and 2023 was approximately 4.30% and 4.48%, respectively.   Bank Loan period  Interest rate    Balance at December 31, 2024  Balance at December 31, 2023              Industrial and Commercial Bank of China  July 13, 2023-July 10, 2024   4.35% $  $1,411,891 Industrial and Commercial Bank of China  June 4, 2024-June 12, 2025   4.35%  1,369,994   - Industrial and Commercial Bank of China  July 27, 2023-July 18, 2024   4.35%  -   1,411,891 Industrial and Commercial Bank of China  June 4, 2024-June 10, 2025   4.35%  1,369,994   - Bank of Communications  January 10, 2023-January 10, 2024   4.35%  -   488,514 Bank of Communications  January 12, 2023-January 12, 2024   4.35%  -   249,481 BANK OF AMERICA - Line of Credit  April 28, 2022 - April 30, 2024   Prime rate