Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 22

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 22
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   |     | $             | 2,923,281 |     | $            | 136,947 |

| F-13 |

| 9. | BALANCES WITH RELATED PARTY |

| 1) | Related party transactions |

For the nine months ended September 30, 2025 and
2024, the Company’s related party provided working capital to support the Company’s operations when needed. The borrowings
were unsecured, due on demand, and interest free. The following table summarizes the balances with the Company’s related party.

| 2) | Related party balances |

|                             | Accounts |                                                           | Name of Related Party |     | Note |   | September 30, 
          2025 |     |   | December 31, 
         2024 |
|:----------------------------|:---------|:----------------------------------------------------------|:----------------------|:----|:-----|:--|--------------:|:----|:--|-------------:|
| Amount due to related party |          | Lin Li, Chief Executive Officer and Chairman of the Board |                       |     |      | $ |       689,172 |     | $ |    1,416,432 |

All the above balances are due on demand, interest-free
and unsecured. The Company used the funds for its operations.

| 10. | EQUITY |

Preferred Stock

The Company is authorized to issue 500,000,000
shares of capital stock, consisting of 400,000,000 shares of common stock, par value US$0.001 per share, and 100,000,000 shares of preferred
stock, par value US$0.001 per share. 20,000,000 shares were designated to be series A preferred stock (the “Series A Preferred Stock”)
out of the 100,000,000 shares of blank check preferred stock. Each share of common stock is entitled to one vote and each share of Series
A Preferred Stock is entitled to ten votes on any matter on which action of the stockholders of the corporation is sought. The Series
A Preferred Stock will vote together with the common stock. Common stock and Series A Preferred Stock are not convertible into each other.
Holders of Series A Preferred Stock are not entitled to receive dividends. The Series A Preferred Stock does not have liquidation preference
over the Company’s Common Stock, and therefore ranks pari passu with the Common Stock in the event of liquidation.

Common Stock

The Company is authorized