$GDC
GD Culture Group Ltd

2023 Q3 Form 10-Q Financial Statement

#000121390023067117 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $206.8K $150.0K
YoY Change -99.03%
Cost Of Revenue $41.41K $100.0K
YoY Change -99.4%
Gross Profit $165.4K $60.00K
YoY Change -105.49%
Gross Profit Margin 79.97% 40.0%
Selling, General & Admin $3.667M $320.9K $270.0K
YoY Change 5626.04% -95.71%
% of Gross Profit 194.02% 450.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $163.3K $0.00 -$30.00K
YoY Change -25215.38% -100.0% -148.59%
% of Gross Profit 0.0% -50.0%
Operating Expenses $3.667M $320.9K -$12.68M
YoY Change 5626.04% -98.43% 28.7%
Operating Profit -$3.667M -$155.5K $12.74M
YoY Change 5626.04% -99.24% 45.44%
Interest Expense $52.00 $82.00 $0.00
YoY Change -99.75% -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $46.84K $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$3.620M -$155.4K $12.74M
YoY Change 5552.9% -99.24% 96.94%
Income Tax $114.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$3.528M -$160.0K -$7.350M
YoY Change -13.78% -99.21% -240.75%
Net Earnings / Revenue -77.37% -4900.0%
Basic Earnings Per Share -$1.16 -$0.07
Diluted Earnings Per Share -$1.16 -$0.07 -$3.99
COMMON SHARES
Basic Shares Outstanding 3.054M shares 2.866M shares 1.837M shares
Diluted Shares Outstanding 3.054M shares 2.138M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.647M $7.400M $390.0K
YoY Change 558.12% -44.29% -97.33%
Cash & Equivalents $1.647M $7.401M $389.1K
Short-Term Investments
Other Short-Term Assets $4.683M $78.68K $78.29K
YoY Change 538139.08% -95.2%
Inventory $750.0K
Prepaid Expenses $4.583M $173.3K
Receivables $150.0K $218.1K $194.5K
Other Receivables $146.6K $1.179M $1.026M
Total Short-Term Assets $6.626M $8.971M $1.610M
YoY Change 381.13% -44.51% -89.89%
LONG-TERM ASSETS
Property, Plant & Equipment $8.866K $5.032K $502.00
YoY Change 635.77% -97.94% -99.82%
Goodwill $2.084M $2.190M
YoY Change -66.76%
Intangibles $3.088M $750.0K $0.00
YoY Change
Long-Term Investments $2.500M
YoY Change
Other Assets $2.839M $2.190M
YoY Change -78.08% -93.61%
Total Long-Term Assets $7.280M $2.839M $2.191M
YoY Change -51.71% -78.51% -93.67%
TOTAL ASSETS
Total Short-Term Assets $6.626M $8.971M $1.610M
Total Long-Term Assets $7.280M $2.839M $2.191M
Total Assets $13.91M $11.81M $3.801M
YoY Change -15.47% -59.8% -92.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.838K $4.961K $127.5K
YoY Change -72.91% -99.85% -96.4%
Accrued Expenses $324.2K $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $330.7K $111.1K $333.8K
YoY Change -94.21% -99.33% -98.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.388M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $1.388M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $330.7K $111.1K $333.8K
Total Long-Term Liabilities $1.388M $0.00
Total Liabilities $1.719M $111.1K $333.8K
YoY Change -69.89% -99.33% -98.19%
SHAREHOLDERS EQUITY
Retained Earnings -$60.45M -$57.02M -$56.84M
YoY Change 22.13% 25.59% 118.46%
Common Stock $305.00 $305.00 $184.00
YoY Change 65.76% -93.39% -96.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.804M $11.70M $3.467M
YoY Change
Total Liabilities & Shareholders Equity $13.91M $11.81M $3.801M
YoY Change -15.47% -59.8% -92.48%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$3.528M -$160.0K -$7.350M
YoY Change -13.78% -99.21% -240.75%
Depreciation, Depletion And Amortization $163.3K $0.00 -$30.00K
YoY Change -25215.38% -100.0% -148.59%
Cash From Operating Activities -$4.765M -$1.320M $80.00K
YoY Change -4514.81% -195.12% -99.12%
INVESTING ACTIVITIES
Capital Expenditures $2.510M $0.00 $0.00
YoY Change 1930376.92% -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.500M -$220.0K
YoY Change -79.62% -80.94%
Cash From Investing Activities -$5.010M $0.00 -$210.0K
YoY Change -59.17% -100.0% -82.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.014M 8.720M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.765M -1.320M 80.00K
Cash From Investing Activities -5.010M 0.000 -210.0K
Cash From Financing Activities 4.014M 8.720M 0.000
Net Change In Cash -5.761M 7.400M -130.0K
YoY Change -52.62% 433.18% -101.64%
FREE CASH FLOW
Cash From Operating Activities -$4.765M -$1.320M $80.00K
Capital Expenditures $2.510M $0.00 $0.00
Free Cash Flow -$7.275M -$1.320M $80.00K
YoY Change -6847.95% -195.13% -99.12%

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GD CULTURE GROUP LIMITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of estimates and assumptions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of intangible assets, deferred revenues and plant and equipment, impairment of long-lived assets, collectability of receivables, present value and lease liabilities. Actual results could differ from these estimates.</p>
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us-gaap Significant Purchase Commitment Description
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the Company sold warrants to purchase up to 1,154,519 shares of common stock to the Purchasers, pursuant to a private warrant securities purchase agreement, dated May 1, 2023. In connection with the offering, the Company paid Univest Securities, LLC, the placement agent, a total cash fee equal to 7.0% of the aggregate gross proceeds received in the offering, a non-accountable expense allowance equal to 1% of the aggregate gross proceeds, and reimbursement for certain out-of-pocket accountable expenses incurred in this offering in the amount of $150,000. In addition, the Company issued to the placement agent warrants to purchase up to 115,452 shares of common stock at an exercise price of $10.02 per share, which represents 120% of the offering price of each share. The net proceeds from the Offering, after deducting placement agent discounts and commissions and estimated offering expenses payable by the Company, are approximately $8.5 million (assuming the warrants are not exercised).
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us-gaap Adjustment For Amortization
AdjustmentForAmortization
usd
CY2023Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
usd
CY2023Q2 gdc Value Added Tax Taxes Payable
ValueAddedTaxTaxesPayable
usd
gdc Organized Amount
OrganizedAmount
usd
gdc Revenue From Wuge Doorplates
RevenueFromWugeDoorplates
usd
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
usd
gdc Wuge Digital Door Signs
WugeDigitalDoorSigns
usd
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
usd
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
usd
us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
usd
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
usd
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
usd
gdc Disposal Group Including Discontinued Operation Investment Income
DisposalGroupIncludingDiscontinuedOperationInvestmentIncome
usd
gdc Disposal Group Not Discontinued Operation Interest Expense
DisposalGroupNotDiscontinuedOperationInterestExpense
usd
gdc Disposal Group Including Discontinued Operation Other Incomeexpense Net
DisposalGroupIncludingDiscontinuedOperationOtherIncomeexpenseNet
usd
gdc Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Other Income Expense Net
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationOtherIncomeExpenseNet
usd
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
usd
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
usd
gdc Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Netincome
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNETINCOME
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001641398

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