Northann Corp. Files Q3 2024 10-Q
Ticker: NCL · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 1923780
Sentiment: neutral
Topics: 10-Q, quarterly-report, plastics
TL;DR
Northann Corp. 10-Q filed for Q3 2024. Financials and operations detailed.
AI Summary
Northann Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial information and operational updates for the company, which is involved in the plastics products industry. Specific financial figures and operational details are presented within the report.
Why It Matters
This 10-Q filing provides investors and stakeholders with a crucial update on Northann Corp.'s financial performance and position as of Q3 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-11-19 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- Northann Corp. (company) — Filer
- 2024-09-30 (date) — Conformed Period of Report
- 2024-11-19 (date) — Filed as of Date
- 916-573-3803 (phone_number) — Business Phone
FAQ
What is Northann Corp.'s primary industry classification?
Northann Corp. is classified under PLASTICS PRODUCTS, NEC [3089].
In which state was Northann Corp. incorporated?
Northann Corp. was incorporated in Nevada (NV).
What is the fiscal year end for Northann Corp.?
Northann Corp.'s fiscal year ends on December 31 (1231).
What is the SEC file number for Northann Corp.?
The SEC file number for Northann Corp. is 001-41816.
What is the business address of Northann Corp.?
The business address is 9820 DINO DRIVE, SUITE 110, ELK GROVE, CA 95624.
Filing Stats: 4,482 words · 18 min read · ~15 pages · Grade level 13.9 · Accepted 2024-11-19 17:24:56
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value NCL NYSE American LLC I
Filing Documents
- ncl-20240930.htm (10-Q) — 6493KB
- or047_ex31-1.htm (EX-31.1) — 62KB
- or047_ex31-2.htm (EX-31.2) — 61KB
- or047_ex32-1.htm (EX-32.1) — 31KB
- or047_ex32-2.htm (EX-32.2) — 31KB
- 0001575872-24-001190.txt ( ) — 17359KB
- ncl-20240930.xsd (EX-101.SCH) — 63KB
- ncl-20240930_cal.xml (EX-101.CAL) — 64KB
- ncl-20240930_def.xml (EX-101.DEF) — 240KB
- ncl-20240930_lab.xml (EX-101.LAB) — 393KB
- ncl-20240930_pre.xml (EX-101.PRE) — 340KB
- ncl-20240930_htm.xml (XML) — 3667KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION F-1 Item 1.
Financial Statements
Financial Statements F-1 Consolidated Balance Sheets F-1 Consolidated Statements of Operations and Comprehensive Income (Loss) F-2 Consolidated Statements of Shareholders' Equity F-3 Consolidated Statements of Cash Flows F-4 Notes to Unaudited Condensed Financial Statements F-5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 1 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 5 Item 4. Control and Procedures 5
– OTHER INFORMATION
PART II – OTHER INFORMATION 6 Item 1.
Legal Proceedings
Legal Proceedings 6 Item 1A.
Risk Factors
Risk Factors 6 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 6 Item 3. Defaults Upon Senior Securities 6 Item 4. Mine Safety Disclosures 6 Item 5. Other Information 6 Item 6. Exhibits 7
SIGNATURES
SIGNATURES 8 P ART I – FINANCIAL INFORMATION I tem 1. Financial Statements NORTHANN CORP. C ONSOLIDATED BALANCE SHEETS (In U.S. dollars) As of September 30, As of December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS Cash $ 83,929 $ 1,101,443 Restricted cash 3,812 3,771 Accounts receivable, net 1,940,638 2,615,458 Inventory, net 3,807,740 2,645,488 Prepayments 125,610 311,402 Other receivables and other current assets 72,905 127,313 Total current assets 6,034,634 6,804,875 NON-CURRENT ASSETS Property, plant and equipment, net 4,273,607 4,724,105 Construction in progress 1,311,133 962,338 Land use rights, net 1,023,426 1,030,982 Operating lease right-of-use assets, net 1,907,491 87,380 Security deposits 9,030 9,030 Total non-current assets 8,524,687 6,813,835 TOTAL ASSETS $ 14,559,321 $ 13,618,710 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Bank borrowings - current 5,282,296 5,689,721 Operating lease liabilities, current 348,370 31,413 Accounts and other payables and accruals 2,453,034 4,538,322 Taxes payable 574,893 608,679 Unearned revenue 898,259 1,084,484 Amounts due to related parties 1,933,672 302,943 Obligation under secured borrowing arrangement - 599,664 Total current liabilities 11,490,524 12,855,226 Bank borrowings – non-current 120,519 124,905 Operating lease liabilities, – non-current 1,559,121 55,967 Total non-current liabilities 1,679,640 180,872 TOTAL LIABILITIES $ 13,170,164 $ 13,036,098 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock – Series A, $ 0.001 par value, 100,000,000 shares authorized, 20,000,000 shares designated, 5,000,000 and 5,000,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023 5,000 5,000 Common stock, $ 0.001 par value, 400,000,000 shares authorized, 24,365,903 and 21,380,000 shares issued and outstanding