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GD Culture Group Limited (GDC-1.40%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that GD Culture Group Limited operates primarily in the United States and China, focusing on AI-driven digital human creation and customization, as well as live streaming and e-commerce.
The company reported a net loss of $14,120,802 for the year, a slight decrease from the previous year's net loss of $14,346,748.
Operating expenses increased by 18.1% to $14,161,574, primarily due to impairment of intangible assets and provision of credit loss expenses.
GD Culture Group Limited's revenue was not reported for the fiscal year 2024, similar to the previous year.
The company noted a decrease in selling expenses by 48.7% to $2,402,908, attributed to reduced marketing efforts.
Research and development expenses decreased by 61.5% to $797,500, reflecting reduced investments in AI development.
Impairment of intangible assets amounted to $2,755,659, primarily due to the discontinuation of certain software.
GD Culture Group Limited highlighted various regulatory developments in China that could impact its operations, including cybersecurity and data protection laws.
The company continues to face risks related to its operations in China, including potential government interventions and changes in regulations.
GD Culture Group Limited plans to focus on expanding its market presence and product offerings in the digital human and e-commerce sectors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GD Culture Group Limited annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.