DDC Enterprise Files 2023 Annual Report Form 20-F
DDC Enterprise (NYSEAM: DDC), a leading multi-brand Asian consumer food company, has announced the completion and filing of its 2023 Annual Report Form 20-F with the SEC. The company is now current with its SEC financial filing requirements and no longer considered a late filer under NYSE rules.
The company's CEO, Norma Chu, highlighted this as a critical reporting milestone, noting that DDC has strengthened its accounting and finance staff in 2024. However, the audited financial statements included a going concern qualification in the audit opinion, as disclosed under NYSE American Company Guidelines Sections 401(h) and 610(b).
The audit opinion contains an explanatory paragraph regarding DDC's ability to continue as a going concern. Shareholders can access the complete audited financial statements through the company's website at ir.daydaycook.com or request a hard copy free of charge.
DDC Enterprise (NYSEAM: DDC), una delle principali aziende alimentari asiatiche multi-marca, ha annunciato il completamento e la presentazione del suo Modulo Annuale 20-F per il 2023 all'SEC. L'azienda è ora in regola con i requisiti di presentazione finanziaria dell'SEC e non è più considerata un presentatore tardivo secondo le regole della NYSE.
Il CEO dell'azienda, Norma Chu, ha sottolineato questo risultato come un traguardo di reporting fondamentale, osservando che DDC ha rafforzato il suo personale contabile e finanziario nel 2024. Tuttavia, i bilanci finanziari auditati includono una qualifica di continuità aziendale nell'opinione di audit, come divulgato secondo le Linee Guida per le Aziende della NYSE American Sezioni 401(h) e 610(b).
L'opinione di audit contiene un paragrafo esplicativo riguardo alla capacità di DDC di continuare come azienda in funzionamento. Gli azionisti possono accedere ai bilanci finanziari auditati completi attraverso il sito web dell'azienda all'indirizzo ir.daydaycook.com o richiedere una copia cartacea gratuita.
DDC Enterprise (NYSEAM: DDC), una destacada empresa alimentaria asiática de múltiples marcas, ha anunciado la finalización y presentación de su Informe Anual 2023 Formulario 20-F ante la SEC. La compañía ahora está al día con sus requisitos de presentación financiera ante la SEC y ya no se considera un presentador tardío bajo las reglas de la NYSE.
La CEO de la compañía, Norma Chu, resaltó este hecho como un hito crítico en la presentación de informes, señalando que DDC ha fortalecido su personal contable y financiero en 2024. Sin embargo, los estados financieros auditados incluyeron una calificación de continuidad en la opinión de auditoría, como se divulgó bajo las Secciones 401(h) y 610(b) de las Normas de la Empresa de NYSE American.
La opinión de auditoría contiene un párrafo explicativo sobre la capacidad de DDC para continuar como una empresa en funcionamiento. Los accionistas pueden acceder a los estados financieros auditados completos a través del sitio web de la empresa en ir.daydaycook.com o solicitar una copia impresa gratuita.
DDC Enterprise (NYSEAM: DDC), 아시아 다 브랜드 소비자 식품 업계의 선두 기업, 2023년 연례보고서 Form 20-F의 SEC 제출 및 완료를 발표했습니다. 회사는 이제 SEC의 재무 제출 요건을 준수하고 있으며 NYSE 규정에 따라 더 이상 늦은 제출자로 간주되지 않습니다.
회사의 CEO인 Norma Chu는 이를 중요한 보고 이정표로 강조하며, DDC가 2024년에 회계 및 재무 직원을 강화했다고 언급했습니다. 그러나 감사된 재무 제표에는 NYSE 미국 회사 지침의 섹션 401(h) 및 610(b)에 따라 공개된 감사 의견에서 계속 기업에 대한 자격이 포함되었습니다.
감사 의견에는 DDC가 계속 기업으로 운영할 수 있는 능력에 관한 설명 단락이 포함되어 있습니다. 주주들은 회사 웹사이트 ir.daydaycook.com을 통해 완전한 감사 재무 제표에 접근하거나 무료로 인쇄된 사본을 요청할 수 있습니다.
DDC Enterprise (NYSEAM: DDC), une entreprise alimentaire asiatique multi-marques, a annoncé l'achèvement et le dépôt de son Rapport Annuel 2023 Formulaire 20-F auprès de la SEC. L'entreprise est désormais à jour dans ses obligations de dépôt financier auprès de la SEC et n'est plus considérée comme un déposant tardif conformément aux règles de la NYSE.
La PDG de l'entreprise, Norma Chu, a souligné cela comme une étape importante dans le reporting, notant que DDC a renforcé son personnel comptable et financier en 2024. Cependant, les états financiers audités incluent une qualification de continuité d'exploitation dans l'opinion d'audit, comme indiqué selon les Directives de l'Entreprise de la NYSE American Sections 401(h) et 610(b).
L'opinion d'audit contient un paragraphe explicatif sur la capacité de DDC à continuer son activité. Les actionnaires peuvent accéder aux états financiers audités complets via le site web de l'entreprise à ir.daydaycook.com ou demander une copie papier gratuitement.
DDC Enterprise (NYSEAM: DDC), ein führendes multibrand-asiatisches Verbraucherlebensmittelunternehmen, hat den Abschluss und die Einreichung seines Jahresberichts 2023 Form 20-F bei der SEC bekannt gegeben. Das Unternehmen ist nun aktuell mit seinen SEC-finanziellen Einreichungspflichten und wird nicht mehr als verspäteter Einreicher gemäß den NYSE-Regeln betrachtet.
Die CEO des Unternehmens, Norma Chu, hob dies als einen kritischen Berichtsmilestone hervor und bemerkte, dass DDC im Jahr 2024 sein Rechnungswesen- und Finanzpersonal verstärkt hat. Die geprüften Finanzberichte enthalten jedoch eine Fortführungsanmerkung in der Prüfungsmeinung, wie es unter den Richtlinien der NYSE American für Unternehmen in den Abschnitten 401(h) und 610(b) offengelegt wurde.
Die Prüfungsmeinung enthält einen erläuternden Paragraphen zur Fähigkeit von DDC, als fortführungsfähiges Unternehmen zu agieren. Aktionäre können die vollständigen geprüften Finanzberichte über die Unternehmenswebsite ir.daydaycook.com oder kostenlos eine gedruckte Kopie anfordern.
- Company is now current with SEC financial filing requirements
- Strengthened accounting and finance staff in 2024
- Received going concern qualification in audit opinion
- Auditor raised concerns about company's ability to continue as going concern
Insights
The completion of DDC Enterprise's 2023 Form 20-F filing presents a complex situation for investors to evaluate. While regaining compliance with SEC filing requirements removes an immediate regulatory risk, the audit opinion's going concern qualification raises serious red flags about the company's financial viability.
The going concern qualification typically indicates that auditors have identified substantial doubt about a company's ability to continue operations for the next 12 months. This warning can have cascading effects, potentially:
- Limiting access to capital markets and increasing borrowing costs
- Straining relationships with suppliers and customers who may seek stricter payment terms
- Creating challenges in executing strategic initiatives due to financial constraints
The company's investment in strengthening its financial team demonstrates awareness of its operational weaknesses, but the delayed filing in its first year as a NYSE-AM listing suggests potential growing pains in meeting public company requirements. For a newly listed company, establishing credibility with investors through timely and accurate financial reporting is crucial.
Investors should closely monitor:
- Cash burn rate and working capital position
- Success in implementing cost control measures
- Ability to generate sustainable revenue growth
- Progress in addressing the underlying issues that led to the going concern qualification
Filing brings DDC current with financial filing requirements
“DDC is happy to achieve this critical reporting milestone,” said DDC’s chief executive officer Norma Chu. “This allows DDC to continue its business strategy unencumbered by the delays created by a late financial statement filing in our first year as a NYSE-AM listing. In 2024, we substantially bolstered our accounting and finance staff and we are now seeing important benefits from those efforts.”
Receipt of Audit Opinion with Going Concern Qualification
Pursuant to the disclosure requirements of the NYSE American Company Guidelines Sections 401(h) and 610(b), DDC is reporting that its audited financial statements for the fiscal year ended December 31, 2023, included in DDC's Annual Report on Form 20-F filed with the SEC on January 28, 2025, contains an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to DDC's ability to continue as a going concern. This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 20-F for the fiscal year ended December 31, 2023.
Availability of Audited Financial Statements
Further information may be obtained from the Company’s web site at ir.daydaycook.com. Shareholders may receive a hard copy of the Company’s complete audited financial statements free of charge upon request by submitting a request on the Company’s website.
ABOUT DAYDAYCOOK
DayDayCook is on a mission to share the joy of Asian cooking culture with the world, offering a suite of accessible and healthy ready-to-eat, ready-to-cook, and ready-to-heat products that cater to the global palate. DayDayCook has evolved from a culinary content authority to a multi-brand powerhouse, curating a broad range of products that champion authenticity, nutrition, and convenience. The company's growing portfolio includes DayDayCook, Nona Lim, Yai’s Thai, Omsom, MengWei, and Yujia Weng. Follow the Company on LinkedIn.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements, including, for example, statements about NYSE and SEC compliance, estimated revenue, margins, cash and growth and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130990403/en/
Investors:
Jeff Ervin
Co-Chief Financial Officer
jeffervin@daydaycook.com
Media:
Jaque Liu
jaque.liu@daydaycook.com
Source: DDC Enterprise, Ltd.
FAQ
What does the going concern qualification in DDC's 2023 audit report mean?
When did DDC Enterprise file its 2023 Form 20-F?
Is DDC Enterprise still considered a late filer under NYSE rules?
How can shareholders obtain DDC's 2023 audited financial statements?
