Mon, Jul 22, 8:16 PM (47 days ago)
GD Culture Group Limited filed Amendment No. 2 to its Form 10-K for the fiscal year ended December 31, 2023, to update information on its unique risks, regulatory developments in China, cash transfers, and financial disaggregation. The company reported a net loss of $14.35 million for 2023, compared to a net loss of $30.82 million in 2022. Revenue for 2023 was $165,993, down from $7.77 million in 2022. The amendment also highlights the termination of VIE agreements and the sale of certain subsidiaries, which impacted financial reporting. The company raised $8.53 million in a May 2023 offering and $9.05 million in a November 2023 offering for working capital and corporate purposes. The company faces significant regulatory risks in China, including potential government intervention, cybersecurity reviews, and compliance with foreign exchange regulations. The company's financial condition is influenced by its operations in both the U.S. and China, subject to PRC laws and regulatory uncertainties.