Business
Oriental Culture Holding LTD Announces First Half Year of 2024 Unaudited Financial Results
HONG KONG, Nov. 12, 2024 (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. 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 of 76.0% 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 $0.50 per share for an aggregate price of $7,000,000 (the “Private Placement”). In connecti...