Unrestricted Net Assets (Tables)

6 Months Ended

Jun. 30, 2024

The following presents condensed financial information of Northann Corp:

Condensed Financial Information on Financial Position

	As of June 3 0 ,			As of December 31,
	2024			2023
	(Unaudited)
Cash		119			370
Amounts due from subsidiaries		4,577,188			5,504,920
Total current assets		4,577,307			5,505,290
Interests in a subsidiary		8,562,799			9,948,890
Total Assets		13,140,106			15,454,180

Liabilities and Stockholders’ Deficit
All other current liabilities		71,169			599,664
Amounts due to subsidiaries		10,149,940			10,660,508
Total current liabilities		10,221,109			11,260,172
Non-current liabilities		1,950,000			1,950,000
Total Liabilities		12,171,109			13,210,172

Stockholders’ Equity (Deficit)
Preferred stock – Series A, $0.001 par value, 100,000,000 shares authorized, 20,000,000 shares designated, 10,000,000 and 5,000,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 *		10,000			5,000
Common stock, $0.001 par value, 400,000,000 shares authorized, 24,240,000 and 21,380,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 *		24,240			21,380
Subscription receivable		(30,000	)		(25,000	)
Additional Paid-in Capital		7,829,752			6,671,016
Acc umulated deficit		(6,251,405	)		(3,652,547	)
Accumulated other comprehensive income (loss)		(613,590	)		(775,841	)
Total Stockholders’ Equity (Deficit)		968,997			2,244,008
Total Liabilities and Stockholders’ Deficit		13,140,106			15,454,180

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

Condensed Financial Information on Results of Operations

	For the six months ended June 3 0 ,			For the six months ended June 3 0 ,
	2024			2023
	(Unaudited)
Revenue		-			-
Cost or revenues		-			-
Operating expenses		1,598,981			934,973
Income taxes		933			-
L oss – Parent only		(1,599,915	)		(934,973	)
Income – Subsidiaries with unrestricted net assets		662,163			670,492
I ncome( l oss) – Subsidiaries with restricted net assets		290			(247,140	)
Net loss – Consolidated		(937,462	)		(511,621	)

Condensed Financial Information on Cash Flows

	For the six months ended June 3 0 ,			For the six months ended June 3 0 ,
	2024			2023
	(Unaudited)
Cash from operating activities		(251	)		291
Cash used in investing activities		-			-
Cash from financing activities		-			-
Effect of exchange rates on cash		-			-
Net cash flows		(251	)		290
Beginning cash balance		370			224
Ending cash balance		119			514