Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 27

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 27
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 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%