Business
Oriental Culture Holding LTD Announces First Half Year of 2023 Unaudited Financial Results
HONG KONG, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Oriental Culture Holding LTD. (“OCG” or the “Company”) (NASDAQ: OCG), a leading online provider of collectibles
About this update from Oriental Culture Holding Ltd
[{"type":"text","content":"HONG KONG, Nov. 17, 2023 (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, 2023. First Half Year of 2023 Financial Highlights Total revenues were approximately $0.8 million for the six months ended June 30, 2023, compared to approximately $17.0 million for the six months ended June 30, 2022. Gross profit was approximately $0.6 million for the six months ended June 30, 2023, compared to approximately $16.0 million for the six months ended June 30, 2022. Profit margin was 76.0% for the six months ended June 30, 2023, compared to 93.7% for the six months ended June 30, 2022. Loss from operations was approximately $2.4 million for the six months ended June 30, 2023, compared to income from operations of approximately $5.1 million for the six months ended June 30, 2022. Net loss was approximately $2.1 million for the six months ended June 30, 2023, compared to net income of approximately $5.6 million for the six months ended June 30, 2022. Impact of Investigation of our Related Parties On July 1, 2022, Mr. Huajun Gao and Mr. Aiming Kong, each an 11.5% shareholder of the Company, were detained by Nan County Public Safety Bureau (“NCPSB”) of Yiyang City, Hunan Province, China. On July 26, 2022, Nan County People’s Procuratorate approved the arrest of Mr. Gao and Mr. Kong, charging them with illegal business operation of Nanjing Jinwang Art Purchase E-commerce Co., Ltd., a company they controlled (“Nanjing Jinwang”). On July 1, 2022, the bank accounts of Nanjing Jinwang were frozen by NCPSB, including a trust account into which the customers of the Company deposit their security deposits to trade on the Company’s two online trading platforms which the Company entrusted Nanjing Jinwang for escrow. Also, on July 1, 2022, NCPSB 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 (the “VIE”) because they each had business relationships with ...