Unrestricted Net Assets (Tables)

12 Months Ended

Dec. 31, 2023

The following presents condensed financial information of Northann Corp:

Condensed Financial Information on Financial Position

	As of December 31,
	202 3			202 2
Cash		370			224
Amounts due from subsidiaries		5,504,920			713,500
Total current assets		5,505,2 90			713,724
All other non-current assets		-			218,354
Interests in a subsidiary		9,948,890			13,477,384
Total Assets		15,454,180			14,409,462

Liabilities and Stockholders’ Deficit
All other current liabilities		599,664			-
Amounts due to subsidiaries		10,660,508			12,122,024
Total current liabilities		11,260,172			12,122,024

Non-current liabilities		1,950,000			313,699
Total Liabilities		13,210,172			12,435,723

Stockholders’ Equity (Deficit)
Preferred stock ,100,000,000 shares authorized – Series A, $0.001 par value, 20,000,000 shares designated , 5,000,000 shares issued and outstanding as of December 31, 202 3 and 202 2 *		5,000			5,000
Common stock, $0.001 par value, 400,000,000 shares authorized, 21,380,000 and 20,000,000 shares issued and outstanding as of December 31, 202 3 and 202 2 , respectively*		21,380			20,000
Subscription receivable		(25,000	)		(25,000	)
Additional Paid-in Capital		6,671,016			925,000
(Accumulated deficit) re tained earnings		(3,652,547	)		1,818,630
Accumulated other comprehensive loss		(775,841	)		(769,891	)
Total Stockholders’ Equity		2,244,008			1,973,739
Total Liabilities and Stockholders’ Deficit		15,454,180			14,409,462

Retrospectively restated for the effect of 2-for-1 reverse stock split.

(Note 18)

Condensed Financial Information on Results of Operations

	For the years ended December 31,
	202 3			202 2
Revenue		43,251			-
Cost or revenues		-			-
Operating expenses		3,381,482			313,699
Income taxes		12,919			-
L oss – Parent only		(3,351,150	)		(313,699	)
( Lo ss) income – Subsidiaries with unrestricted net assets		(2,117,498	)		1,471,361
(Loss) income – Subsidiaries with restricted net assets		(2,529	)		(228,603	)
Net (loss) income – Consolidated		(5,471,177	)		929,059

Condensed Financial Information on Cash Flows

	For the years ended December 31,
	202 3			202 2
Cash used in operating activities		(5,965,604	)		(5,026	)
Cash used in investing activities		-			(926,828	)
Cash provided by financing activities		5,965,750			932,078
Net cash flows		146			224
Beginning cash balance		224			-
Ending cash balance		370			224