Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 40

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 40
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 $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
within the time periods specified in the SEC’s rules and forms.

There have been no changes in the Company’s
internal control over financial reporting during the fiscal quarter covered by this report that have materially affected, or are reasonably
likely to materially affect, such internal control over financial reporting.

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<div align='center'>PART II - OTHER INFORMATION</div>

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

As a smaller reporting company, we are not required
to make disclosures under this item.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of