$GDC
GD Culture Group Ltd

2024 Q1 Form 10-Q Financial Statement

#000121390024045188 Filed on May 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $75.37K
YoY Change -99.01%
Cost Of Revenue $56.15K
YoY Change -98.98%
Gross Profit $19.23K
YoY Change -99.08%
Gross Profit Margin 25.51%
Selling, General & Admin $1.769M $41.22K
YoY Change 4191.87% -95.19%
% of Gross Profit 214.42%
Research & Development $217.5K
YoY Change
% of Gross Profit
Depreciation & Amortization $1.183K $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Operating Expenses $4.178M $41.22K
YoY Change 10035.96% -95.19%
Operating Profit -$4.178M -$22.00K
YoY Change 18894.67% -101.79%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $21.95K $0.00
YoY Change -100.0%
Pretax Income -$4.157M -$21.31K
YoY Change 19405.85% -101.6%
Income Tax $1.038K
% Of Pretax Income
Net Earnings -$3.979M -$21.31K
YoY Change 18571.12% -102.16%
Net Earnings / Revenue -28.27%
Basic Earnings Per Share -$0.56 -$2.87
Diluted Earnings Per Share -$0.56 -$2.87
COMMON SHARES
Basic Shares Outstanding 7.435M shares 1.712M shares
Diluted Shares Outstanding 7.435M shares 1.810M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $486.2K $10.00K
YoY Change 4762.0% -99.92%
Cash & Equivalents $486.2K $10.17K
Short-Term Investments
Other Short-Term Assets $1.053M $94.29K
YoY Change 1017.09% -94.92%
Inventory
Prepaid Expenses $187.9K
Receivables $133.6K
Other Receivables $9.195K $94.29K
Total Short-Term Assets $6.125M $426.0K
YoY Change 1337.91% -97.23%
LONG-TERM ASSETS
Property, Plant & Equipment $11.33K $504.00
YoY Change 2147.62% -99.83%
Goodwill $2.200M
YoY Change
Intangibles $3.119M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.370M $2.200M
YoY Change 53.19% -91.51%
Total Long-Term Assets $4.947M $2.200M
YoY Change 124.83% -93.29%
TOTAL ASSETS
Total Short-Term Assets $6.125M $426.0K
Total Long-Term Assets $4.947M $2.200M
Total Assets $11.07M $2.626M
YoY Change 321.59% -94.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $193.4K $86.94K
YoY Change 122.49% -97.61%
Accrued Expenses $308.4K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $542.7K $118.4K
YoY Change 358.27% -99.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.327M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $1.656M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $542.7K $118.4K
Total Long-Term Liabilities $1.656M
Total Liabilities $2.198M $118.4K
YoY Change 1756.54% -99.21%
SHAREHOLDERS EQUITY
Retained Earnings -$73.34M -$56.86M
YoY Change 28.97%
Common Stock $794.00 $171.00
YoY Change 364.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.484M $2.508M
YoY Change
Total Liabilities & Shareholders Equity $11.07M $2.626M
YoY Change 321.59% -94.55%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.979M -$21.31K
YoY Change 18571.12% -102.16%
Depreciation, Depletion And Amortization $1.183K $0.00
YoY Change -100.0%
Cash From Operating Activities -$3.618M -$380.6K
YoY Change 850.5% -84.54%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$1.900M
YoY Change
Cash From Investing Activities -$1.900M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $829.9K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $830.5K
YoY Change
NET CHANGE
Cash From Operating Activities -$3.618M -$380.6K
Cash From Investing Activities -$1.900M
Cash From Financing Activities $830.5K
Net Change In Cash -$4.689M -$378.9K
YoY Change 1137.49% -84.65%
FREE CASH FLOW
Cash From Operating Activities -$3.618M -$380.6K
Capital Expenditures $0.00
Free Cash Flow -$380.6K
YoY Change -84.5%

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CY2024Q1 us-gaap Shares Issued Price Per Share
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Use of Estimates and Assumptions</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The preparation of unaudited interim 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 interim 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 interim condensed consolidated financial statements include the useful lives of intangible assets and equipment, impairment of long-lived assets, collectability of receivables, fair value of convertible notes, discount rate used to measure present value of lease liabilities and valuation allowance for deferred tax assets. Actual results could differ from these estimates.</span></p>
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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.
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CY2024Q1 gdc Share Based Compensation Exercisable Into Number Of Shares Exercised
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 gdc Outstanding Warrants
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CY2023Q1 gdc Outstanding Warrants
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Reclassification</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net loss or and financial position.</span></p>
CY2023Q3 us-gaap Supplemental Deferred Purchase Price
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q1 us-gaap Income Tax Effects Allocated Directly To Equity Cumulative Effect Of Change In Accounting Principle
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CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2024Q1 us-gaap Investment Company Tax Return Of Capital Distribution
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Deferred Tax Assets Deferred Gain On Sale Leaseback Transaction
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CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
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250000 usd
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CY2024Q1 gdc Tax Profits Percentage
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CY2024Q1 gdc Registered Capital Percentage
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CY2024Q1 gdc Statutory Reserves
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CY2023Q4 gdc Statutory Reserves
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CY2024Q1 us-gaap Significant Purchase Commitment Description
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(i) an aggregate of 1,436,253 shares of common stock of the Company, par value $0.0001 per share, (ii) pre-funded warrants to purchase up to an aggregate of 1,876,103 shares of common stock (the “November 2023 Pre-Funded Warrants”, and the common stock underlying such warrants, the “November 2023 Pre-Funded Warrant Shares”), and (iii) registered warrants to purchase up to an aggregate of 3,312,356 shares of common stock (the “November 2023 Registered Warrants”, and the common stock underlying such warrants, the “November 2023 Registered Warrant Shares”) are sold to certain purchasers (the “November 2023 Offering Purchasers”), pursuant to a securities purchase agreement, dated October (the “October 2023 Securities Purchase Agreement”).
CY2023Q4 us-gaap Deferred Offering Costs
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709877 shares
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400000 shares
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CY2015Q3 gdc Exercise Price Of Per Half Share
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2.88
CY2015Q3 gdc Exercise Price Of Per Whole Share
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183
CY2024Q1 us-gaap Cash
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2310000 usd
CY2024Q1 gdc Nonaccountable Expense
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CY2024Q1 gdc Accountable Expenses
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180 shares
CY2021Q1 gdc Common Stock Shares Outstanding Percentage
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183
CY2023Q2 gdc Prefunded Warrant
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10.02
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0.05 pure
CY2024Q1 gdc Aggregate Gross Proceeds Percentage
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1.20 pure
CY2024Q1 gdc Aggregate Purchase Price
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2023Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Income Taxes Paid
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CY2023Q1 us-gaap Income Taxes Paid
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CY2024Q1 us-gaap Interest Paid Net
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