Company: NCL
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001575872-25-000433
Chunk: 16

Company: Northann Corp.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 12
Chunk 16
---
 December 31, 2023

			5,000,000

			5,000

			21,380,000

			21,380

			(25,000

			)

			$

			6,671,016

			(5,313,943

			)

			(775,841

			)

			582,612

			Net loss

			(4,379,875

			)

			(4,379,875

			)

			Issuance of common stock

			34,084,000

			34,084

			(1,350,000

			)

			8,816,149

			7,500,233

			Accrued compensation expense 

			(2,927,250
			
			)

			(2,927,250

			)

			Foreign currency translation adjustment

			1,823,453

			1,823,453

			Balance, December 31, 2024

			5,000,000

			5,000

			55,464,000

			55,464

			(1,375,000

			)

			12,559,915

			(9,693,818

			)

			1,047,612

			2,599,173

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-5

NORTHANN CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(In U.S. dollars)

			2024

			2023

			Cash flows from operating activities

			Net loss 

			$

			(4,379,875

			)

			$

			(7,132,573

			)

			Adjustments to reconcile net loss to cash (used in) provided by operating activities:

			Allowance for doubtful accounts

			-

			13,891

			Depreciation and amortization

			645,493

			680,166

			Imp