Wed, Jul 2, 8:51 PM (12 days ago)
**Summary of Northann Corp. (NCL) 10-K/A Amendment** **Financial Performance:** - **Revenue:** $15,349,854 (2024) vs. $13,971,729 (2023) - **Net Income:** $(4,379,875) (2024) vs. $(7,132,573) (2023) - **Operating Expenses:** $5,653,766 (2024) vs. $5,978,069 (2023) - **Earnings per Share:** $(0.17) (2024) vs. $(0.35) (2023) **Strategic Overview & Future Outlook:** - Acquired Cedar Modern Limited and Raleigh Industries Limited in 2024 to expand sales. - Completed IPO in October 2023, raising $5.965 million. - Plans to raise additional capital and improve profitability to address going concern uncertainties. **Risk Factors:** - Going concern uncertainties due to working capital deficit of $3,754,617 as of December 31, 2024. - Concentration risk with two customers accounting for 72% of 2024 revenues. - Dependence on related party transactions for working capital. **Financial Condition:** - Total Assets: $13,875,685 (2024) vs. $13,618,710 (2023) - Total Liabilities: $11,276,512 (2024) vs. $13,036,098 (2023) - Stockholders' Equity: $2,599,173 (2024) vs. $582,612 (2023) **Market Position Changes:** - No significant changes in market position disclosed. **Amendment Details:** - Added Report of LAO Professionals on consolidated financial statements. - Corrected Commission file number due to clerical error. - No other changes made to the Original Filing. **Subsequent Events:** - Entered into EB-5 loan agreement on January 21, 2025, for $24,000,000 at 1% interest. - Initiated lawsuit against Newivy Flooring in Q2 2025 for $56,454.49. **Note:** Amounts are in thousands, 000s.