2023 Q4 Form 10-Q Financial Statement

#000121390023088602 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $0.00 $150.0K
YoY Change -100.0% -99.03%
Cost Of Revenue $100.0K
YoY Change -99.4%
Gross Profit $60.00K
YoY Change -105.49%
Gross Profit Margin 40.0%
Selling, General & Admin $9.918M $3.667M $270.0K
YoY Change 3573.49% 5626.04%
% of Gross Profit 450.0%
Research & Development $2.072M
YoY Change
% of Gross Profit
Depreciation & Amortization $183.6K $163.3K -$30.00K
YoY Change -711.97% -25215.38% -148.59%
% of Gross Profit -50.0%
Operating Expenses $11.99M $3.667M -$12.68M
YoY Change -194.57% 5626.04% 28.7%
Operating Profit -$3.667M $12.74M
YoY Change 5626.04% 45.44%
Interest Expense $4.420K $52.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $46.84K $0.00
YoY Change -100.0%
Pretax Income -$11.89M -$3.620M $12.74M
YoY Change -193.3% 5552.9% 96.94%
Income Tax $327.8K $0.00
% Of Pretax Income 0.0%
Net Earnings -$12.52M -$3.528M -$7.350M
YoY Change 70.36% -13.78% -240.75%
Net Earnings / Revenue -4900.0%
Basic Earnings Per Share -$1.16
Diluted Earnings Per Share -$3.87 -$1.16 -$3.99
COMMON SHARES
Basic Shares Outstanding 4.490M shares 3.054M shares 1.837M shares
Diluted Shares Outstanding 3.054M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.176M $1.647M $390.0K
YoY Change 1227.06% 558.12% -97.33%
Cash & Equivalents $5.176M $1.647M $389.1K
Short-Term Investments
Other Short-Term Assets $1.291M $4.683M $78.29K
YoY Change 1548.79% 538139.08%
Inventory
Prepaid Expenses $4.583M
Receivables $0.00 $150.0K $194.5K
Other Receivables $2.611M $146.6K $1.026M
Total Short-Term Assets $9.078M $6.626M $1.610M
YoY Change 463.87% 381.13% -89.89%
LONG-TERM ASSETS
Property, Plant & Equipment $1.574M $8.866K $502.00
YoY Change 313360.16% 635.77% -99.82%
Goodwill $2.190M
YoY Change -66.76%
Intangibles $3.308M $3.088M $0.00
YoY Change
Long-Term Investments $2.500M
YoY Change
Other Assets $250.7K $2.190M
YoY Change -88.55% -93.61%
Total Long-Term Assets $5.132M $7.280M $2.191M
YoY Change 134.24% -51.71% -93.67%
TOTAL ASSETS
Total Short-Term Assets $9.078M $6.626M $1.610M
Total Long-Term Assets $5.132M $7.280M $2.191M
Total Assets $14.21M $13.91M $3.801M
YoY Change 273.86% -15.47% -92.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $3.838K $127.5K
YoY Change -100.0% -72.91% -96.4%
Accrued Expenses $359.0K $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 $403.2K $330.7K $333.8K
YoY Change 20.79% -94.21% -98.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.318M $1.388M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $1.318M $1.388M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $403.2K $330.7K $333.8K
Total Long-Term Liabilities $1.318M $1.388M
Total Liabilities $5.862M $1.719M $333.8K
YoY Change 1656.32% -69.89% -98.19%
SHAREHOLDERS EQUITY
Retained Earnings -$69.36M -$60.45M -$56.84M
YoY Change 22.02% 22.13% 118.46%
Common Stock $545.00 $305.00 $184.00
YoY Change 196.2% 65.76% -96.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.348M $6.804M $3.467M
YoY Change
Total Liabilities & Shareholders Equity $14.21M $13.91M $3.801M
YoY Change 273.86% -15.47% -92.48%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$12.52M -$3.528M -$7.350M
YoY Change 70.36% -13.78% -240.75%
Depreciation, Depletion And Amortization $183.6K $163.3K -$30.00K
YoY Change -711.97% -25215.38% -148.59%
Cash From Operating Activities -$6.775M -$4.765M $80.00K
YoY Change -8568.91% -4514.81% -99.12%
INVESTING ACTIVITIES
Capital Expenditures $407.7K $2.510M $0.00
YoY Change 1930376.92% -100.0%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$2.500M -$220.0K
YoY Change -190.9% -79.62% -80.94%
Cash From Investing Activities -$207.7K -$5.010M -$210.0K
YoY Change -1.1% -59.17% -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 10.35M 4.014M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -6.775M -4.765M 80.00K
Cash From Investing Activities -207.7K -5.010M -210.0K
Cash From Financing Activities 10.35M 4.014M 0.000
Net Change In Cash 3.372M -5.761M -130.0K
YoY Change -2693.73% -52.62% -101.64%
FREE CASH FLOW
Cash From Operating Activities -$6.775M -$4.765M $80.00K
Capital Expenditures $407.7K $2.510M $0.00
Free Cash Flow -$7.183M -$7.275M $80.00K
YoY Change -9078.5% -6847.95% -99.12%

Facts In Submission

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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Cash Acquired From Acquisition
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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gdc Issuance Of Common Stock For Acquisition Yuan Ma
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gdc Issuance Of Common Stock For Acquisition Highlight Media
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gdc Issuance Of Common Stock For Acquisition Right Title And Interest In And To The Certain Software
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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>
CY2023Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Depreciation Depletion And Amortization
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
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The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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9079348 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5250000 shares
us-gaap Prior Period Reclassification Adjustment Description
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Reclassification</span></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings (loss) or and financial position.</p>
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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us-gaap Supplemental Deferred Purchase Price
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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3120 usd
CY2023Q3 us-gaap Accounts Receivable Net Current
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150000 usd
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q3 us-gaap Revenues
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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3120 usd
CY2022 gdc Allowance For Doubtful Accounts Receivable Additions
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gdc Disposal Of Highlight Media
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gdc Allowance For Doubtful Accounts Receivable Exchange Rate Effect
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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3120 usd
CY2022Q4 gdc Receivable From Disposal Of Wuge
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CY2023Q3 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
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CY2022Q4 us-gaap Other Receivables Gross Current
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CY2023Q3 us-gaap Other Receivables Net Current
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CY2022Q4 us-gaap Other Receivables Net Current
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CY2023Q3 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q3 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q3 us-gaap Finite Lived Intangible Assets Net
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CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Goodwill
Goodwill
2190485 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
213549 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1712400 usd
CY2023Q3 us-gaap Operating Lease Liability Current
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324162 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
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1388238 usd
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1 pure
us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
2500000 usd
CY2023Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2500000 usd
CY2023Q3 us-gaap Convertible Notes Payable
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2500000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0424 pure
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1683518 usd
CY2023Q3 us-gaap Operating Lease Liability Current
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324162 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
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1388238 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1712400 usd
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Foreign
EffectiveIncomeTaxRateReconciliationTaxCreditsForeign
0.105 pure
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
276982 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
4574581 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
276982 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4574581 usd
CY2022Q4 gdc Value Added Tax Taxes Payable
ValueAddedTaxTaxesPayable
8478 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
8478 usd
gdc Tax Profits Percentage
TaxProfitsPercentage
0.10 pure
gdc Registered Capital Percentage
RegisteredCapitalPercentage
0.50 pure
CY2022Q4 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
492315 usd
us-gaap Significant Purchase Commitment Description
SignificantPurchaseCommitmentDescription
In the concurrent PIPE offering, 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).
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
4
CY2021Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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84244 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
201.6
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
183
CY2023Q3 us-gaap Cash
Cash
2310000 usd
gdc Nonaccountable Expense
NonaccountableExpense
250000 usd
gdc Accountable Expenses
AccountableExpenses
60000 usd
CY2021Q1 gdc Common Stock Shares Outstanding Percentage
CommonStockSharesOutstandingPercentage
0.1999 pure
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
231802 shares
CY2021Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
183
gdc Aggregate Of Shares Of Common Stock
AggregateOfSharesOfCommonStock
310168 shares
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.0001
gdc Prefunded Warrant
PrefundedWarrant
8.349 usd
gdc Public Offering Price Per Sahre
PublicOfferingPricePerSahre
0.001
us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.001
gdc Common Stock Shares Outstanding Percentage
CommonStockSharesOutstandingPercentage
0.0999 pure
us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
0.001
gdc Warrants To Purchase Shares
WarrantsToPurchaseShares
1154519 shares
gdc Aggregate Percentage
AggregatePercentage
0.07 pure
CY2023Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
150000 usd
CY2023Q3 us-gaap Shares Issued
SharesIssued
115452 shares
gdc Aggregate Gross Proceeds Percentage
AggregateGrossProceedsPercentage
1.20 pure
CY2022Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2023Q3 us-gaap Cost Of Revenue
CostOfRevenue
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CY2022Q3 us-gaap Cost Of Revenue
CostOfRevenue
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CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q3 us-gaap Goodwill
Goodwill
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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2022Q4 us-gaap Long Term Investments
LongTermInvestments
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q3 us-gaap Taxes Payable Current
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2022Q4 us-gaap Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
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CY2022Q4 us-gaap Minority Interest
MinorityInterest
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CY2022Q3 gdc Revenue From Enterprise Brand Management Services
RevenueFromEnterpriseBrandManagementServices
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gdc Revenue From Enterprise Brand Management Services
RevenueFromEnterpriseBrandManagementServices
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CY2023Q3 gdc Revenue From Sofeware Copywright
RevenueFromSofewareCopywright
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CY2022Q3 gdc Revenue From Sofeware Copywright
RevenueFromSofewareCopywright
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gdc Revenue From Sofeware Copywright
RevenueFromSofewareCopywright
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gdc Revenue From Sofeware Copywright
RevenueFromSofewareCopywright
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us-gaap Cost Of Revenue
CostOfRevenue
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us-gaap Gross Profit
GrossProfit
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CY2023Q3 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
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CY2022Q3 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
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us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
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CY2022Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2022Q3 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
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CY2023Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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CY2022Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q3 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
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us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2022Q3 us-gaap Earnings Per Share Diluted
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CY2022Q3 us-gaap Stock Issued During Period Value Acquisitions
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CY2023Q3 us-gaap Reclassifications Of Temporary To Permanent Equity
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CY2023Q3 us-gaap Stock Issued During Period Value Other
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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us-gaap Other Asset Impairment Charges
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Cash Acquired From Acquisition
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Contributed Capital
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Interest Paid Net
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gdc Issuance Of Common Stock For Acquisition Yuan Ma
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gdc Issuance Of Common Stock For Acquisition Highlight Media
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gdc Issuance Of Common Stock For Acquisition Right Title And Interest In And To The Certain Software
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gdc Initial Recognition Of Rightofuse Assets And Lease Liabilities
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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gdc Allowance For Doubtful Accounts Receivable Additions
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CY2022 gdc Disposal Of Highlight Media
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CY2023Q3 gdc Receivable From Disposal Of Wuge
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CY2023Q3 us-gaap Goodwill
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q3 gdc Value Added Tax Taxes Payable
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us-gaap Taxes Other
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CY2023Q3 us-gaap Taxes Payable Current
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CY2023Q3 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001641398

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