Company: NCL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001575872-25-000691
Chunk: 105

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 105
---
31, 2023. The lease was renewed for additional 36 months. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes. The following table provides a summary of leases by balance sheet location as of September 30, 2025 and December 31, 2024: Assets/liabilities September 30,2025    December 31,2024  Assets        Operating lease right-of-use assets $1,559,121  $1,822,266          Liabilities        Operating lease liability - current $375,573  $355,754 Operating lease liability - non-current  1,183,547   1,466,512 Total lease liabilities $1,559,120  $1,822,266  Cash flow information related to operating leases consists of the following:   For the ninemonthsended September30, 2025         For the ninemonthsEnded September30, 2024    Cash paid for amounts included in the measurement of operating lease liabilities $327,142  $59,617 Right-of-use assets obtained in exchange for new lease obligations:  -   1,876,838  The operating lease expenses for the nine months ended September 30, 2025 and 2024 were as follows: Lease Cost Classification  For theninemonthsendedSeptember 30,2025            For theninemonthsendedSeptember 30,2024      Operating lease expense General and administrative expenses  $327,142  $59,617   F-16

  Maturities of operating lease liabilities as of September 30, 2025 were as follows: Maturity of Lease Liabilities OperatingLeases  Within one year  $ 111,713 Within a period of more than one year but not more than two years  439,278 Within a period of more than two year but not more than three years   428,376 Within a