Six Months Ended June 30, 2024 and June 30, 2023 For the Six Months EndedJune 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 $54,633 and $76,836 from related parties for the six months ended June 30, 2024 and 2023, respectively. (1)Listing service fees: Our performance obligation is to provide listings on our platform.
Our listing services was affected by the Nanjing Jinwang investigation that started in second half of 2022 and certain new listings applications were put on hold and delayed until 2024 which increased our listing service fee for the six months ended June 30, 2024. (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.
AND SUBSIDIARIESCONDENSED 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 $7,300 and $400 as of June 30, 2024 and December 31, 2023, respectively) 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, $0.00005 par value, 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Ordinary shares, $0.00025 par value, 180,000,000 shares authorized, 20,491,340 and 6,191,340 shares issued, 18,569,340 and 4,269,340 shares outstanding as of June 30, 2024 and December 31, 2023, respectively* 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.
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