Company: NCL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001575872-25-000691
Chunk: 70

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1F
Chunk 70
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 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 period of more than three year but not more than four years  441,227 Within a period of more than four years but not more than five years  299,976 More than five years  - Total lease commitment $1,720,570 Less: interest  (161,449)Present value of lease payments $1,559,121    Lease liabilities include lease and non-lease component such as management fee. 

Lease Term and Discount Rate September 30,2025    December 31,2024  Weighted-average remaining lease term (years)          Operating leases  3.86     4.57            Weighted-average discount rate (%)          Operating leases  5%  5%  

14. CONCENTRATIONS AND CREDIT RISK (a)         Concentrations During the nine months ended September 30, 2025, one customers accounted for nearly 82% of the Company’s revenues. During the nine months ended September 30, 2024, two customers accounted for nearly 66% of the Company’s revenues.  No other customer accounts for more than 10% of the Company’s revenue in the nine months ended September 30, 2025 and 2024. As of September 30, 2025, three customers accounted for 87% of the Company’s accounts receivable. As of December 31, 2024, five customers accounted for 84% of the Company’s accounts receivable. No other customer accounts for more than 10% of the Company’s accounts receivable as of September 30, 2025 and December 31, 2024. During the nine months ended September 30, 2025, two suppliers accounted for a total of 33% of the Company’s cost of revenues. No other supplier accounts for over 10% of the Company’s cost of revenues. During the nine months ended September 30, 2024, no supplier accounts