Oriental Culture Holding Ltd

NASDAQ:OCGUnited States

Nov 12, 2024

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• Oriental Culture Holding LTD Announces First Half Year of 2024 Unaudited Financial Results, from 5:19PM ET on Tuesday Nov 12, 2024 by Dow Jones

  5:19PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: OCG
  Accounts payable $ 2,189,840 $ 2,566,655 Accounts payable - related parties - 27,885 Deferred revenue 198,436 181,930 Other payables and accrued liabilities (included related party payable of $7,300 and $400 as of June 30, 2024 and December 31, 2023, respectively) 335,875 276,414 Taxes payable 9,365 16,825 Lease liability - current - 11,477 ---------- ---------- Total current liabilities 2,733,516 3,081,186 Total liabilities 2,733,516 3,081,186 ---------- ---------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred shares, $0.00005 par value, 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Ordinary shares, $0.00025 par value, 180,000,000 shares authorized, 20,491,340 and 6,191,340 shares issued, 18,569,340 and 4,269,340 shares outstanding as of June 30, 2024 and December 31, 2023, respectively* 5,118 1,543 Treasury shares, at cost, 1,922,000 shares issued as of June 30, 2024 and December 31, 2023, respectively (481) (481) Additional paid-in capital 30,012,151 22,442,726 Subscription receivable - - Statutory reserves 154,069 153,037 Retained earnings 22,814,455 24,688,559 Accumulated other comprehensive loss (1,928,037) (1,735,735) ---------- ---------- Total shareholders' equity 51,057,275 45,549,649 ---------- ---------- Total liabilities and shareholders' equity $53,790,791 $ 48,630,835 ========== ========== * Shares and per share data are presented on a retroactive basis to reflect the share consolidation effected on October 10, 2023. ORIENTAL CULTURE HOLDING LTD. AND SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS For the Six Months Ended June 30, ---------------------------- 2024 2023 -------------- ----------- OPERATING REVENUES: Net revenues $ 392,624 $ 722,624 Net revenues - related parties 54,633 76,836 ---------- ---------- Total operating revenues 447,257 799,460 COST OF REVENUES: (152,802) (191,526) ---------- ---------- GROSS PROFIT 294,455 607,934 ---------- ---------- OPERATING EXPENSES: Selling and marketing (142,039) (423,930) General and administrative (2,149,008) (2,457,804) General and administrative - related parties (82,476) (116,135) ---------- ---------- Total operating expenses (2,373,523) (2,997,869) ---------- ---------- LOSS FROM OPERATIONS (2,079,068) (2,389,935) OTHER INCOME Gain from short-term investment 71,853 69,609 Interest income 414,422 107,765 Impairment loss on intangible assets (355,941) - Other income, net 75,662 84,495 ---------- ---------- Total other income, net 205,996 261,869 ---------- ---------- LOSS BEFORE INCOME TAXES (1,873,072) (2,128,066) ---------- ---------- PROVISION FOR INCOME TAX - 8,643 ---------- ---------- NET LOSS (1,873,072) (2,136,709) OTHER COMPREHENSIVE LOSS Foreign currency translation adjustment (192,302) (1,075,044) ---------- ---------- COMPREHENSIVE LOSS $ (2,065,374) $(3,211,753) ========== ========== WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES Basic and diluted* 6,800,280 4,245,402 ========== ========== LOSS PER SHARE Basic and diluted $ (0.28) $ (0.50) ========== ========== * Shares and per share data are presented on a retroactive basis to reflect the share consolidation effected on October 10, 2023.
  

• Press Release: Oriental Culture Holding LTD Announces First Half Year of 2024 Unaudited Financial Results, from 5:19PM ET on Tuesday Nov 12, 2024 by Dow Jones

  5:19PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: OCG
  Accounts payable $ 2,189,840 $ 2,566,655 Accounts payable - related parties - 27,885 Deferred revenue 198,436 181,930 Other payables and accrued liabilities (included related party payable of $7,300 and $400 as of June 30, 2024 and December 31, 2023, respectively) 335,875 276,414 Taxes payable 9,365 16,825 Lease liability - current - 11,477 ---------- ---------- Total current liabilities 2,733,516 3,081,186 Total liabilities 2,733,516 3,081,186 ---------- ---------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred shares, $0.00005 par value, 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Ordinary shares, $0.00025 par value, 180,000,000 shares authorized, 20,491,340 and 6,191,340 shares issued, 18,569,340 and 4,269,340 shares outstanding as of June 30, 2024 and December 31, 2023, respectively* 5,118 1,543 Treasury shares, at cost, 1,922,000 shares issued as of June 30, 2024 and December 31, 2023, respectively (481) (481) Additional paid-in capital 30,012,151 22,442,726 Subscription receivable - - Statutory reserves 154,069 153,037 Retained earnings 22,814,455 24,688,559 Accumulated other comprehensive loss (1,928,037) (1,735,735) ---------- ---------- Total shareholders' equity 51,057,275 45,549,649 ---------- ---------- Total liabilities and shareholders' equity $53,790,791 $ 48,630,835 ========== ========== * Shares and per share data are presented on a retroactive basis to reflect the share consolidation effected on October 10, 2023. ORIENTAL CULTURE HOLDING LTD. AND SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS For the Six Months Ended June 30, ---------------------------- 2024 2023 -------------- ----------- OPERATING REVENUES: Net revenues $ 392,624 $ 722,624 Net revenues - related parties 54,633 76,836 ---------- ---------- Total operating revenues 447,257 799,460 COST OF REVENUES: (152,802) (191,526) ---------- ---------- GROSS PROFIT 294,455 607,934 ---------- ---------- OPERATING EXPENSES: Selling and marketing (142,039) (423,930) General and administrative (2,149,008) (2,457,804) General and administrative - related parties (82,476) (116,135) ---------- ---------- Total operating expenses (2,373,523) (2,997,869) ---------- ---------- LOSS FROM OPERATIONS (2,079,068) (2,389,935) OTHER INCOME Gain from short-term investment 71,853 69,609 Interest income 414,422 107,765 Impairment loss on intangible assets (355,941) - Other income, net 75,662 84,495 ---------- ---------- Total other income, net 205,996 261,869 ---------- ---------- LOSS BEFORE INCOME TAXES (1,873,072) (2,128,066) ---------- ---------- PROVISION FOR INCOME TAX - 8,643 ---------- ---------- NET LOSS (1,873,072) (2,136,709) OTHER COMPREHENSIVE LOSS Foreign currency translation adjustment (192,302) (1,075,044) ---------- ---------- COMPREHENSIVE LOSS $ (2,065,374) $(3,211,753) ========== ========== WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES Basic and diluted* 6,800,280 4,245,402 ========== ========== LOSS PER SHARE Basic and diluted $ (0.28) $ (0.50) ========== ========== * Shares and per share data are presented on a retroactive basis to reflect the share consolidation effected on October 10, 2023.