Mon, Jul 8, 8:18 PM (61 days ago)
GD Culture Group Limited filed Amendment No. 1 to its annual report on Form 10-K for the fiscal year ended December 31, 2023, to update information regarding risks related to its operations in China, regulatory developments, corporate structure, and financial performance. This amendment includes detailed disclosures about the Company's unique risks due to its subsidiary operations in China, recent regulatory changes, and the financial position and cash flows of its subsidiaries and VIEs. Key financial highlights include: - Operating revenues for 2023 were $165,993, down from $7,769,919 in 2022. - Net loss for 2023 was $14,346,386, compared to $26,761,346 in 2022. - Total operating expenses for 2023 were $14,200,828. - The Company has not distributed any dividends and has no current plans to do so. Strategically, the Company focuses on AI-driven digital human creation, live streaming, e-commerce, and interactive gaming. The amendment also addresses regulatory compliance, including cybersecurity and data protection laws in China, and the implications of the Holding Foreign Companies Accountable Act (HFCAA). Future outlook includes potential regulatory risks and the need for compliance with evolving PRC laws, which could impact operations and market value.