Oriental Culture Holding LTD Announces First Half Year of 2024 Unaudited Financial Results
Oriental Culture Holding (NASDAQ: OCG) reported unaudited financial results for H1 2024, showing significant declines. Total revenues decreased 44.1% to $0.4M compared to $0.8M in H1 2023. The company reported a net loss of $1.9M, with loss per share of $0.28. Gross margin declined to 65.8% from 76.0%. The company's performance was materially impacted by the ongoing Nanjing Jinwang investigation, which resulted in frozen bank accounts totaling $17.3M. In May 2024, OCG completed a private placement raising $7M through the sale of 14M ordinary shares at $0.50 per share.
Oriental Culture Holding (NASDAQ: OCG) ha riportato risultati finanziari non verificati per il primo semestre del 2024, evidenziando significative diminuzioni. I ricavi totali sono diminuiti del 44,1%, scendendo a 0,4 milioni di dollari rispetto ai 0,8 milioni di dollari del primo semestre del 2023. L'azienda ha registrato una perdita netta di 1,9 milioni di dollari, con una perdita per azione di 0,28 dollari. Il margine lordo è calato al 65,8% dal 76,0%. Le performance dell'azienda sono state significativamente colpite dall'indagine in corso su Nanjing Jinwang, che ha portato al congelamento di conti bancari per un totale di 17,3 milioni di dollari. Nel maggio 2024, OCG ha completato un collocamento privato raccogliendo 7 milioni di dollari attraverso la vendita di 14 milioni di azioni ordinarie a 0,50 dollari per azione.
Oriental Culture Holding (NASDAQ: OCG) informó resultados financieros no auditados para el primer semestre de 2024, mostrando significativas caídas. Los ingresos totales disminuyeron un 44.1% a $0.4M en comparación con $0.8M en el primer semestre de 2023. La empresa reportó una pérdida neta de $1.9M, con una pérdida por acción de $0.28. El margen bruto cayó al 65.8% desde el 76.0%. El desempeño de la compañía se vio materialmente afectado por la investigación en curso de Nanjing Jinwang, que resultó en cuentas bancarias congeladas por un total de $17.3M. En mayo de 2024, OCG completó una colocación privada recaudando $7M a través de la venta de 14M de acciones ordinarias a $0.50 por acción.
오리엔탈 컬쳐 홀딩스 (NASDAQ: OCG)는 2024년 상반기 비감사 재무 결과를 발표하며 큰 감소를 보여주었습니다. 총 수익은 2023년 상반기 0.8M 달러에 비해 44.1% 감소하여 0.4M 달러에 달했습니다. 회사는 1.9M 달러의 순손실을 보고했으며, 주당 손실은 0.28 달러로 나타났습니다. 매출 총 이익률은 76.0%에서 65.8%로 하락했습니다. 회사의 성과는 현재 진행 중인 난징 진왕 조사로 인해 크게 영향을 받았으며, 그 결과 1,730만 달러의 동결된 은행 계좌가 발생했습니다. 2024년 5월, OCG는 주당 0.50 달러로 1,400만 주의 보통주를 판매하며 700만 달러를 모금하는 사모Placement를 완료했습니다.
Oriental Culture Holding (NASDAQ: OCG) a rapporté des résultats financiers non vérifiés pour le premier semestre 2024, montrant des baisses significatives. Les revenus totaux ont diminué de 44,1 % pour atteindre 0,4 million de dollars, contre 0,8 million de dollars au premier semestre 2023. L'entreprise a déclaré une perte nette de 1,9 million de dollars, avec une perte par action de 0,28 dollar. La marge brute a chuté à 65,8 % contre 76,0 %. Les performances de l'entreprise ont été matériellement impactées par l'enquête en cours sur Nanjing Jinwang, qui a entraîné le gel de comptes bancaires totalisant 17,3 millions de dollars. En mai 2024, OCG a complété un placement privé levant 7 millions de dollars grâce à la vente de 14 millions d'actions ordinaires à 0,50 dollar par action.
Oriental Culture Holding (NASDAQ: OCG) hat unbescheinigte Finanzergebnisse für das erste Halbjahr 2024 veröffentlicht, die erhebliche Rückgänge zeigen. Die Gesamteinnahmen sanken um 44,1% auf 0,4 Millionen Dollar im Vergleich zu 0,8 Millionen Dollar im ersten Halbjahr 2023. Das Unternehmen meldete einen Nettverlust von 1,9 Millionen Dollar, mit einem Verlust je Aktie von 0,28 Dollar. Die Bruttomarge fiel auf 65,8% von 76,0%. Die Leistung des Unternehmens war wesentlich durch die laufende Untersuchung von Nanjing Jinwang betroffen, die zu eingefrorenen Bankkonten mit einem Gesamtbetrag von 17,3 Millionen Dollar führte. Im Mai 2024 hat OCG eine Privatplatzierung abgeschlossen und 7 Millionen Dollar durch den Verkauf von 14 Millionen Stammaktien zu je 0,50 Dollar pro Aktie eingeworben.
- Completed $7M private placement through sale of 14M shares
- Maintained substantial liquidity with $18.8M in cash and $23.7M working capital
- Listing service fees increased 86.9% to $102,000
- Total revenues declined 44.1% to $0.4M
- Net loss of $1.9M in H1 2024
- Gross margin decreased to 65.8% from 76.0%
- $17.3M in bank accounts remain frozen due to investigation
- Transaction fee revenue decreased 55% to $224,000
- Total transaction value fell from $300M to $86.8M
Insights
HONG KONG, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Oriental Culture Holding LTD. (“OCG” or the “Company”) (NASDAQ: OCG), a leading online provider of collectibles and artwork e-commerce services, today announced its unaudited financial results for the six months ended June 30, 2024.
First Half Year of 2024 Financial Highlights
- Total revenues were approximately
$0.4 million for the six months ended June 30, 2024, compared with the total revenues of approximately$0.8 million for the six months ended June 30, 2023. - Gross profit was approximately
$0.3 million for the six months ended June 30, 2024, compared with approximately gross profit of$0.6 million for the six months ended June 30, 2023. - Gross margin was
65.8% for the six months ended June 30, 2024, compared with a gross margin of76.0% for the six months ended June 30, 2023. - Loss from operations was approximately
$2.1 million for the six months ended June 30, 2024, compared with income from operations of approximately$2.4 million for the six months ended June 30, 2023. - Net loss was approximately
$1.9 million for the six months ended June 30, 2024, compared with approximately$2.1 million for the six months ended June 30, 2023. - Basic and diluted loss per share was
$0.28 for the six months ended June 30, 2024, compared with$0.50 for the six months ended June 30, 2023.
Recent developments
Starting from May 13, 2024, the trading platform operated by HKDAEx limited (“HKDAEx”), a wholly owned subsidiary of the Company, for products and commodities other than collectible and artwork in Hong Kong merged with our main online platform for collectibles and artwork operated by China International Assets and Equity of Artworks Exchange Limited (the “International Exchange”), also a wholly owned subsidiary of the Company in Hong Kong, to better integrate our resources, reduce costs, and provide better customer services. The trading platform of HKDAEx and its related trading business ceased operation as of June 30, 2024.
On May 31, 2024, the Company entered into a Securities Purchase Agreement (the “Agreement”) with certain purchasers (the “Purchasers”), pursuant to which the Company sold to the Purchasers in a private placement 14,000,000 ordinary shares (the “Shares”) of the Company, at a purchase price of
Impact of investigation and charge against Nanjing Jinwang
On July 1, 2022, Mr. Huajun Gao and Mr. Aiming Kong, each a shareholder of Oriental Culture Holding LTD (the “Company”), were detained by Nan County Public Safety Bureau of Yiyang City, Hunan Province, China. On July 26, 2022, Nan County People’s Procuratorate (“NCPP”) approved the arrest of Mr. Gao and Mr. Kong with charge of illegal business operation of Nanjing Jinwang Art Purchase E-commerce Co., Ltd., a company controlled by Mr. Gao and Mr. Kong (“Nanjing Jinwang”) and prosecuted them. The Court had the trial in January 2024 and both of them are currently released on bail waiting for the judgement of the Court.
On July 1, 2022, the bank accounts of Nanjing Jinwang were frozen by Nan County Public Safety Bureau, including a trust account into which the customers of the Company deposit their security deposits in order to trade on the Company’s two online trading platforms which the Company has entrusted Nanjing Jinwang for escrow.
Also, on July 1, 2022, Nan County Public Safety Bureau froze certain bank accounts of Kashi Longrui Business Management Services Co., Ltd. (“Kashi Longrui”), Kashi Dongfang Cangpin Culture Development Co., Ltd. (“Kashi Dongfang”) and Nanjing Yanyu Information Technology Co., Ltd. (“Nanjing Yanyu”), all subsidiaries of Jiangsu Yanggu Culture Development Co., Ltd., the variable interest entity of the Company in China because they, each had business relationship with Nanjing Jinwang.
Neither the Company nor its VIE or subsidiaries of its VIE has received any notification for enforcement charges from Nan County Public Safety Bureau, other than cash and short-term investment in the frozen bank accounts with balances totaling approximately
Due to the Nanjing Jinwang case and frozen bank accounts, the business operations of the Company have been materially and negatively impacted as its customers experienced difficulties withdrawing their security deposits through online banking and have concerns regarding their deposited funds. The Company has taken remedial measures to assist its customers in withdrawing security deposits, such as through manual and in person application with the bank to transfer funds, so that they will have confidence in the Company and continue to list and trade art and collectible products on the online platforms of the Company. However, the Company’s business has been material and negatively impacted and there can be no assurance that the Company will be able to restore customer confidence in using the Company’s services efficiently or at all.
The Company has and will continue to communicate with Nan County Public Safety Bureau and other government authorities to obtain more information regarding the investigation and to attempt to unfreeze the bank accounts for the subsidiaries of the VIE. The Company will monitor the development of the case and will provide additional information concerning its impact on the Company’s business in due course.
This investigation and case against Nanjing Jinwang and slow recovery of Chinese economy after COVID-19 have negative impacted on our revenue and net income for the six months ended June 30, 2024. Our revenue decreased approximately
Liquidity and Capital Resources
The Company typically financed its operations through internally generated cash and equity financing. As of June 30, 2024, excluding restricted cash and investments, the Company had approximately
If the Company is unable to realize its assets within the normal operating cycle of a 12-month period, the Company may have to consider supplementing its available sources of funds through the following sources:
- other available sources of equity or debt financing from financial institutions or investors; and
- financial support from our related parties and shareholders.
Based on the above considerations, the Company’s management believes that it has sufficient funds to meet its working capital requirements and debt obligations as they become due over the next 12 months.
Results of Operations
The tables in the following discussion summarize our consolidated statements of income and comprehensive income for the periods indicated. The operating results in any period are not necessarily of the results that may be expected for any future period.
Six Months Ended June 30, 2024 and June 30, 2023
| For the Six Months Ended June 30, | Variance | ||||||||||||||
| 2024 | 2023 | Amount | % | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Net revenues | $ | 392,624 | $ | 722,624 | $ | (330,000 | ) | (45.7 | )% | ||||||
| Net revenues – related parties | 54,633 | 76,836 | (22,203 | ) | (28.9 | )% | |||||||||
| Total operating revenues | 447,257 | 799,460 | (352,203 | ) | (44.1 | )% | |||||||||
| Less: cost of revenues | (152,802 | ) | (191,526 | ) | 38,724 | (20.2 | )% | ||||||||
| Gross profit | 294,455 | 607,934 | (313,479 | ) | (51.6 | )% | |||||||||
| Operating expenses | (2,373,523 | ) | (2,997,869 | ) | 624,346 | (20.8 | )% | ||||||||
| Loss from operations | (2,079,068 | ) | (2,389,935 | ) | 310,867 | (13.0 | )% | ||||||||
| Other income, net | 205,996 | 261,869 | (55,873 | ) | (21.3 | )% | |||||||||
| Loss before income taxes | (1,873,072 | ) | (2,128,066 | ) | 254,994 | (12.0 | )% | ||||||||
| Provision for income taxes | - | 8,643 | (8,643 | ) | (100.0 | )% | |||||||||
| Net loss | (1,873,072 | ) | (2,136,709 | ) | 263,637 | (12.3 | )% | ||||||||
| Foreign currency translation adjustment | (192,302 | ) | (1,075,044 | ) | 882,742 | (82.1 | )% | ||||||||
| Comprehensive loss | $ | (2,065,374 | ) | $ | (3,211,753 | ) | 1,146,379 | (35.7 | )% | ||||||
| Weighted average number of ordinary shares outstanding – basic and diluted | 6,800,280 | 4,245,402 | 2,554,878 | 60.2 | % | ||||||||||
| Basic and diluted earnings per share | $ | (0.28 | ) | $ | (0.50 | ) | $ | 0.23 | (45.3 | )% | |||||
Revenues:
The following table sets forth the principal components of our net revenues by amounts and percentages of our net revenues for the periods indicated:
| For the Six Months Ended June 30, | Variance | |||||||||||||||||||||||
| 2024 | 2023 | Amount | % | |||||||||||||||||||||
| Revenue | % | Revenue | % | |||||||||||||||||||||
| Listing services fees(1) | $ | 101,934 | 22.8 | % | $ | 54,535 | 6.8 | % | $ | 47,399 | 86.9 | % | ||||||||||||
| Transaction fees(2) | 224,049 | 50.1 | % | 497,808 | 62.3 | % | (273,759 | ) | (55.0 | )% | ||||||||||||||
| Marketing services fees(3) | 65,763 | 14.7 | % | 169,137 | 21.2 | % | (103,374 | ) | (61.1 | )% | ||||||||||||||
| Other revenues(4)* | 55,511 | 12.4 | % | 77,980 | 9.7 | % | (22,469 | ) | (28.8 | )% | ||||||||||||||
| Total operating revenues | $ | 447,257 | 100.0 | % | $ | 799,460 | 100.0 | % | $ | (352,203 | ) | (44.1 | )% | |||||||||||
| * | Including | |||||||||||||||||||||||
| (1) | Listing service fees: Our performance obligation is to provide listings on our platform. Listing service fees are calculated based on a percentage of the listing value of collectibles, artwork and commodities. Listing value is the total offering price of the collectible, artwork and commodities when the units are initially listed on our trading platforms. We utilize an appraised value as a basis to determine the appropriate listing value for each collectible, artwork or commodities, or portfolio of collectibles, artwork or commodities. We recognize the related revenue upon our completion of our performance obligation to the customer as its item is successfully listed for trading on our platforms. Our standard listing fees for artwork and collectibles range from Total listing service fees increased by approximately | |||||||||||||||||||||||
| (2) | Transaction fee revenue: Transaction fee revenue is generally calculated based on the transaction value of collectibles, artwork or commodities per transaction for our services to facilitate the trading transactions. Transaction value is the dollar amount of the purchase and sale of the collectibles, artwork or commodities after it is listed on our platform. We typically charge from | |||||||||||||||||||||||
| Total transaction fee revenue decreased by approximately | ||||||||||||||||||||||||
| (3) | Marketing service fees: Marketing service fees is what we charge for promoting and marketing our customers’ collectible or artwork. The services include assisting our customers in connection with his/her listing and trading of his/her collectible/artwork on our platform, which mainly includes consulting and supporting services of the marketability for the collectible/artwork; assessing its market value and market acceptance for the collectible/artwork; and assisting in the application and legal protection required for the customer’s collectible/artwork to be approved for listing on our platform. For marketing service contracts in which the related performance obligations can be completed within a short period of time, the Company recognizes the related revenue upon the completion of its performance obligations. Marketing service agreements also include providing promotion services for customers’ items as where to place ads on well-known cultural or art exchange websites in China, to provide online and offline marketing services including cooperation with auction houses and participate in industry-related exhibitions and fairs. The marketing service fees are charged on a negotiated fixed fee basis, which is based on the type of the listing session that the customer applies for and whether the customer has listed and sold its collectibles on other platforms before, and they were not based on the value of the underlying collectible, artwork and commodities. Marketing service contracts and fees are recognized upon the completion of all performance obligations. Marketing service fees decreased by approximately | |||||||||||||||||||||||
| (4) | Other revenues: Other revenues primarily includes services fees for IT technical support and agency recommendation fees. IT technical support fees are negotiated on a case by case basis and is recognized when the related services have been performed based on the specific terms of the contract. Agency recommendation fees are mainly revenue generated from providing consulting and training services to certain traders/agents. Upon completion of the training and consulting, these qualified traders/agents may introduce our platform and services to potential customers to list their collectibles and artwork with us for a fee or promote their own products on our platform. Total other revenues decreased by approximately | |||||||||||||||||||||||
Cost of Revenues
Cost of revenues decreased by approximately
Gross Profit
Gross profit decreased by approximately
Selling and Marketing Expenses
The following table sets forth our operating expenses by amounts and percentages for the periods indicated:
| For the Six Months Ended June 30, | |||||||||||||||||||||||
| 2024 | 2023 | Variance | |||||||||||||||||||||
| Expense | % | Expense | % | Amount | % | ||||||||||||||||||
| Selling and marketing | $ | (142,039 | ) | 6.0 | % | $ | (423,930 | ) | 14.1 | % | $ | 281,891 | (66.5 | )% | |||||||||
| General and administrative | (2,149,008 | ) | 90.5 | % | (2,457,804 | ) | 82.0 | % | 308,796 | (12.6 | )% | ||||||||||||
| General and administrative – related parties | (82,476 | ) | 3.5 | % | (116,135 | ) | 3.96 | % | 33,659 | (29.0 | )% | ||||||||||||
| Total operating expenses | $ | (2,373,523 | ) | 100.0 | % | $ | (2,997,869 | ) | 100.0 | % | $ | 624,346 | (20.8 | )% | |||||||||
Selling expenses decreased by approximately
General and Administrative Expenses
Our general and administrative expenses decreased by approximately
Other Income
Total other income decreased by approximately
Provision for Income Taxes
Our provision for income taxes amounted to nil and
Net Loss
Our net loss decreased by approximately
Foreign Currency Translation Adjustment
Changes in foreign currency translation adjustment are mainly due to the fluctuation of foreign exchange rates between RMB/HKD (the functional currency of our operating entities) and the USD dollar (reporting currency).
Basic and diluted loss per share
Basic and diluted loss per share were
About Oriental Culture Holding LTD
OCG is an online provider of collectibles and artwork e-commerce services, which allows collectors, artists, art dealers and owners to access an art trading market with a wider range of collectibles and artwork investors. Through its subsidiaries in Hong Kong, the Company provides trading facilitation for individual and institutional customers of all kinds of collectibles, artwork and certain commodities on its online platform, and online and offline integrated marketing, storage and technical maintenance services to customers in China. For more information about the Company, please visit: www.ocgroup.hk.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
The Company:
IR Department
Email: IR@ocgroup.hk
Phone: (852) 2110-3909
| ORIENTAL CULTURE HOLDING LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| June 30 | December 31, | ||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS | |||||||
| Cash and equivalents | $ | 18,781,264 | $ | 17,684,018 | |||
| Restricted cash | 15,554,668 | 14,740,676 | |||||
| Short-term investment | 6,849,340 | 3,247,349 | |||||
| Restricted investment | 1,750,295 | 1,741,423 | |||||
| Accounts receivable, net | 44,603 | - | |||||
| Other receivables and prepaid expenses | 743,553 | 133,705 | |||||
| Other receivables - related party | - | 346,114 | |||||
| Total current assets | 43,723,723 | 37,893,285 | |||||
| PROPERTY AND EQUIPMENT, NET | 8,986,584 | 9,171,106 | |||||
| OTHER ASSETS | |||||||
| Prepaid expenses - non current | 107,650 | 108,320 | |||||
| Right-of-use assets | - | 11,477 | |||||
| Cost method investments | 911,328 | 917,002 | |||||
| Intangible assets, net | 61,506 | 529,645 | |||||
| Total other assets | 1,080,484 | 1,566,444 | |||||
| Total assets | $ | 53,790,791 | $ | 48,630,835 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 2,189,840 | $ | 2,566,655 | |||
| Accounts payable - related parties | - | 27,885 | |||||
| Deferred revenue | 198,436 | 181,930 | |||||
| Other payables and accrued liabilities (included related party payable of | 335,875 | 276,414 | |||||
| Taxes payable | 9,365 | 16,825 | |||||
| Lease liability - current | - | 11,477 | |||||
| Total current liabilities | 2,733,516 | 3,081,186 | |||||
| Total liabilities | 2,733,516 | 3,081,186 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| SHAREHOLDERS’ EQUITY | |||||||
| Preferred shares, | - | - | |||||
| Ordinary shares, | 5,118 | 1,543 | |||||
| Treasury shares, at cost, 1,922,000 shares issued as of June 30, 2024 and December 31, 2023, respectively | (481 | ) | (481 | ) | |||
| Additional paid-in capital | 30,012,151 | 22,442,726 | |||||
| Subscription receivable | - | - | |||||
| Statutory reserves | 154,069 | 153,037 | |||||
| Retained earnings | 22,814,455 | 24,688,559 | |||||
| Accumulated other comprehensive loss | (1,928,037 | ) | (1,735,735 | ) | |||
| Total shareholders’ equity | 51,057,275 | 45,549,649 | |||||
| Total liabilities and shareholders’ equity | $ | 53,790,791 | $ | 48,630,835 | |||
| * Shares and per share data are presented on a retroactive basis to reflect the share consolidation effected on October 10, 2023. | |||||||
| ORIENTAL CULTURE HOLDING LTD. AND SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS | |||||||
| For the Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| OPERATING REVENUES: | |||||||
| Net revenues | $ | 392,624 | $ | 722,624 | |||
| Net revenues - related parties | 54,633 | 76,836 | |||||
| Total operating revenues | 447,257 | 799,460 | |||||
| COST OF REVENUES: | (152,802 | ) | (191,526 | ) | |||
| GROSS PROFIT | 294,455 | 607,934 | |||||
| OPERATING EXPENSES: | |||||||
| Selling and marketing | (142,039 | ) | (423,930 | ) | |||
| General and administrative | (2,149,008 | ) | (2,457,804 | ) | |||
| General and administrative - related parties | (82,476 | ) | (116,135 | ) | |||
| Total operating expenses | (2,373,523 | ) | (2,997,869 | ) | |||
| LOSS FROM OPERATIONS | (2,079,068 | ) | (2,389,935 | ) | |||
| OTHER INCOME | |||||||
| Gain from short-term investment | 71,853 | 69,609 | |||||
| Interest income | 414,422 | 107,765 | |||||
| Impairment loss on intangible assets | (355,941 | ) | - | ||||
| Other income, net | 75,662 | 84,495 | |||||
| Total other income, net | 205,996 | 261,869 | |||||
| LOSS BEFORE INCOME TAXES | (1,873,072 | ) | (2,128,066 | ) | |||
| PROVISION FOR INCOME TAX | - | 8,643 | |||||
| NET LOSS | (1,873,072 | ) | (2,136,709 | ) | |||
| OTHER COMPREHENSIVE LOSS | |||||||
| Foreign currency translation adjustment | (192,302 | ) | (1,075,044 | ) | |||
| COMPREHENSIVE LOSS | $ | (2,065,374 | ) | $ | (3,211,753 | ) | |
| WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES | |||||||
| Basic and diluted* | 6,800,280 | 4,245,402 | |||||
| LOSS PER SHARE | |||||||
| Basic and diluted | $ | (0.28 | ) | $ | (0.50 | ) | |
| * Shares and per share data are presented on a retroactive basis to reflect the share consolidation effected on October 10, 2023. | |||||||
FAQ
What were OCG's revenue and earnings for H1 2024?
How much did OCG raise in its May 2024 private placement?
What is the status of OCG's frozen bank accounts?
How much did OCG's transaction value decline in H1 2024?
