Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 21

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 21
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|                                |     |   | September 30, 2025 |     |   | December 31, 2024 |
|:-------------------------------|:----|:--|-------------------:|:----|:--|------------------:|
| Land use right                 |     | $ |          1,113,983 |     | $ |         1,087,291 |
| Software                       |     |   |             23,740 |     |   |            23,154 |
| less: Accumulated amortization |     |   |            153,803 |     |   |           132,459 |
|                                |     | $ |            983,920 |     | $ |           977,986 |

The Company has pledged its land use rights at
No. 199, Newtag, Wujin District, Changzhou, Jiangsu Province, China, 213000 to Industrial and Commercial Bank of China Limited as a collateral
for securing its loans.

| 8. | LOAN PAYABLE |

Short-term and long-term loans as of September
30, 2025 and December 31, 2024 represents mainly bank borrowings obtained from financial institutions in the PRC.

The short-term and long-term bank borrowings were
secured by land use right. The weighted average interest rate for the bank borrowings for the nine months ended September 30, 2025 and
2024 was approximately 3.48% and 6.22%, respectively.

Current

| Bank                                                      
 Industrial and Commercial Bank of China                   |     | Loan period                         
 June 4, 2024-June 12, 2025          |     | Interest rate | 4.35 | % |     | Balance at September 30, 2025 |         - |     | Balance at December 31, 2024 | 1,369,994 |
|:----------------------------------------------------------|:----|:------------------------------------|:----|:--------------|-----:|:--|:----|:------------------------------|----------:|:----|:-----------------------------|----------:|
| Industrial and Commercial Bank of China                   |     | June 4, 2024-June 10, 2025          |     |               | 4.35 | % |     |                               |         - |     |                              | 1,369,994 |
| Jiangnan Rural Commercial Bank                            |     | July 28, 202