Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 37

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 37
---
 | % |     |             |     (7,126 | ) |     |            |  -9.9 | % |
| Rent                                      |     |                                 |    30,375 |     |            |    1.1 | % |     |        |    27,033 |     |            |    1.1 | % |     |             |      3,342 |   |     |            |  12.4 | % |
| Travel fee                                |     |                                 |    30,997 |     |            |    1.2 | % |     |        |    35,900 |     |            |    1.4 | % |     |             |     (4,903 | ) |     |            | -13.7 | % |
| Office expenses                           |     |                                 |   280,948 |     |            |   10.6 | % |     |        |   133,284 |     |            |    5.3 | % |     |             |    147,664 |   |     |            | 110.8 | % |
| Other                                     |     |                                 |   212,245 |     |            |    8.0 | % |     |        |   119,116 |     |            |    4.7 | % |     |             |     93,129 |   |     |            |  78.2 | % |
| Total general and administrative expenses |     | $                               | 2,649,905 |     |            | 100.00 | % |     | $      | 2,521,940 |     |            | 100.00 | % |     | $           |    127,965 |   |     |            |   5.1 | % |

Research and development expenses.Our
research and development expenses decreased to $1,007,783 for the nine months ended September 30, 2025 from $1,272,257 for the same period
in 2024.

Net (loss) income. As a result of
the cumulative effect of the factors described above, our net loss was $13,691,600 for the nine months ended September 30, 2025 and $440,897
for the nine months ended September 30, 2024. The increase in net loss was primarily due to the decrease