Company: NCL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001575872-25-000691
Chunk: 43

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 in investing activities for the nine months ended September 30, 2024 mainly included the payments for construction in progress.

Financing Activities

Net cash provided by financing activities for the nine months ended September 30, 2025 was $3,777,759. The net cash provided by financing activities mainly came from the partial proceeds from the issuance of 120,000,000 common stock in the nine months ending September 30, 2025. 

Net cash used in financing activities for the nine months ended September 30, 2024 was $1,076,360. The change was mainly due to the repayment of borrowings totaling $1,763,432 and the payment of $500,000 to settle the convertible notes, partially offset by proceeds from borrowings of $430,729 from a related party and $756,343 from banks.

Contractual Obligations 

The Company’s subsidiary NDC has two operating leases for its corporate office and warehouse. The lease contracts were within three years and the renewal was at landlord’s discretion.

Operating lease expenses were $327,142 and $59,617 for the nine months ended September 30, 2025 and 2024, respectively.

Item 3. Quantitative and Qualitative Disclosures about Market Risk 

Not applicable as we are a “smaller reporting company” as defined by Item 229.10(f)(1) of Regulation S-K. 

Item 4. Controls and Procedures

The Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer (principal executive officer) and Interim Chief Financial Officer (principal financial officer and principal accounting officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, the Chief Executive Officer and Interim Chief Financial Officer concluded that as of the end of the period covered by this report, the Company’s disclosure controls and procedures (as defined in § 240.13a-15(e) or 240.15d-15(e) of Regulation S-K) were effective at ensuring that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is (1) accumulated and communicated to management, including the Company’s Chief Executive Officer and Interim Chief Financial Officer, to allow timely decisions regarding required disclosures and (2) recorded, processed, summarized and reported