Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 19

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 19
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 tax laws; (5) Tax credits; (6) Changes in valuation allowances;
(7) Nontaxable or nondeductible items; (8) Changes in unrecognized tax benefits. PBEs must apply the ASU’s guidance to
annual periods beginning after December 15, 2024 (2025 for calendar-year-end PBEs). Early adoption is permitted. Entities may apply
the amendments prospectively or may elect retrospective application. The Company adopted this update beginning January 1, 2025.

| F-11 |

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03
“Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments
in this update intend to improve the disclosures about a public business entity’s expenses and address requests from investors for
more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization,
and depletion) in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses, and research
and development). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December
15, 2027. The Company is currently evaluating the impact from the adoption of this ASU on its consolidated financial statements.

| 3. | ACCOUNTS RECEIVABLE, NET |

Accounts receivable consist of the following:

|                           |     |   | September 30, 2025 |     |   | December 31, 2024 |
|:--------------------------|:----|:--|-------------------:|:----|:--|------------------:|
| Gross accounts receivable |     | $ |          2,456,698 |     | $ |         3,106,561 |
| Total                     |     | $ |          2,456,698 |     | $ |         3,106,561 |

There was no allowance for doubtful accounts recorded
as of September 30, 2025 and December 31, 2024.

| 4. | OTHER RECEIVABLES |

Other receivables consist of the following:

|                          |     |   | September 30, 2025 |     |   | December 31, 2024 |
|:-------------------------|:----|:--|-------------------:|