Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 20

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 20
---
:----|:--|------------------:|
| Deposit and other assets |     | $ |             49,925 |     | $ |            74,984 |
| Total                    |     | $ |             49,925 |     | $ |            74,984 |

| 5. | INVENTORY, NET |

Inventories, net, consist of the following:

|                              |     |   | September 30, 2025 |     |   | December 31, 2024 |
|:-----------------------------|:----|:--|-------------------:|:----|:--|------------------:|
| Raw materials and components |     | $ |          1,685,455 |     | $ |         1,517,698 |
| Finished goods               |     |   |          1,792,935 |     |   |           477,913 |
| Total                        |     |   |          3,478,390 |     |   |         1,995,611 |
| less: Impairment             |     |   |                  - |     |   |                 - |
| Inventories, net             |     | $ |          3,478,390 |     | $ |         1,995,611 |

| 6. | EQUIPMENT, NET |

Equipment, net consist of the following:

|                                |     |   | September 30, 2025 |     |   | December 31, 2024 |
|:-------------------------------|:----|:--|-------------------:|:----|:--|------------------:|
| Manufacturing equipment        |     | $ |          8,537,482 |     | $ |         8,315,845 |
| Office equipment               |     |   |            399,370 |     |   |           314,748 |
| less: Accumulated depreciation |     |   |          5,340,638 |     |   |         4,736,159 |
| Total                          |     | $ |          3,596,214 |     | $ |         3,894,434 |

| F-12 |

Depreciation expenses charged to the consolidated
statements of operations for the periods ended September 30, 2025 and 2024 were $474,709 and $499,107, respectively.

| 7. | INTANGIBLE ASSETS, NET |