Company: NCL
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001575872-25-000540
Chunk: 69

Company: Northann Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1F
Chunk 69
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 years  299,976 More than five years  - Total lease commitment $1,830,283 Less: interest  (181,689)Present value of lease payments $1,648,594  Lease liabilities include lease and non-lease component such as management fee. 

Lease Term and Discount Rate June 30,2025    December 31,2024  Weighted-average remaining lease term (years)          Operating leases  4.50     4.57            Weighted-average discount rate (%)          Operating leases  5%  5%  

14. CONCENTRATIONS AND CREDIT RISK (a)         Concentrations During the six months ended June 30, 2025, two customers accounted for nearly 86% of the Company’s revenues. During the six months ended June 30, 2024, two customers accounted for nearly 73% of the Company’s revenues.  No other customer accounts for more than 10% of the Company’s revenue in the six months ended June 30, 2025 and 2024. As of June 30, 2025, five customers accounted for 91% 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 for the six months ended June 30, 2025 and for the year ended December 31, 2024. During the six months ended June 30, 2025, five suppliers accounted for a total of 74% of the Company’s cost of revenues. No other supplier accounts for over 10% of the Company’s cost of revenues. During the six months ended June 30, 2024, no supplier accounts for over 10% of the Company’s cost of revenues. As of June 30, 2025, no supplier accounted for over 10% of the Company’s accounts payable. As of December 31, 2024, no supplier accounted for 10% of the Company’s accounts payable. (b)Credit risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of June 30, 2025 and December 31, 2024, substantially