Company: NCL
Filing Date: 2025-07-02
Form Type: 10-K/A
Source: 0001575872-25-000444
Chunk: 33

Company: Northann Corp.
Filing Date: 2025-07-02
Form: 10-K/A
Chunk 33
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 |   |    4,736,159 |     |   |    4,386,437 |
| Total                          |     | $ |    3,894,434 |     | $ |    4,724,105 |

Depreciation expenses charged to the consolidated statements of operations for the years ended December31, 2024 and 2023 were $ $ 625,434and $ 657,556, respectively.

| 9. | INTANGIBLE ASSETS, NET |

|                                |     |   | December 31, 
         2024 |     |   | December 31, 
         2023 |
|:-------------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Land use right                 |     | $ |    1,087,291 |     | $ |    1,143,382 |
| Software                       |     |   |       23,154 |     |   |            - |
| less: Accumulated amortization |     |   |      132,459 |     |   |      112,400 |
|                                |     | $ |      977,986 |     | $ |    1,030,982 |

The Company has pledged its land use rights at No. 199, Newtag, Wujin District, Changzhou, Jiangsu Province, China, 213000 to Industrial and Commercial Bank of China Limited as a collateral for securing its loans.

The expiry date of the land use right is in 2067.

Amortization expenses charged were $ 22,611and $ 20,059for the years ended December 31, 2023 and 202 4 , respectively. The Company expects to record amortization expenses of $ 23,393, $ 23,393, $ 23,393, $ 23,393, and $ 23,393for the years ending December 31, 202 5 , 202 6 , 202 7 , 202 8 , and 202 9 and years after, respectively

| F-18 |

| 10. | BANK BORROWINGS |

Current

Short-term loans as of December 31, 202 4 and 202 3 represents bank borrowings of $ $ 4,699,081 and $ 5,689,721 , respectively obtained from financial institutions in the PRC. The short-term