Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 152

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 152
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 As a result of the Company’s $ 14 million equity financing on May 31, 2024,         
  Mr. Huajun Gao and Mr. Aimin Kong only owns 2.6% beneficial interest of the Company, therefore transaction with Nanjing Jinwang was not  
  considered related party transactions as of December 31, 2024. The funds are unrestricted as to immediate withdrawal and use after the   
  Company’s customers completed the necessary administrative procedures from the platform. The Company normally make withdraw monthly.     
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F-23

ORIENTAL
CULTURE HOLDING LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 8 - Property and equipment, net

Property and equipment consist of the following:

                                           December 31,                       December 31,                   
  Office and electronic equipment          $                     289,764      $                     323,282  
  Vehicle                                                        484,491                            752,490  
  Furniture and leasehold improvement                                  -                             31,247  
  Office building                                              8,176,766                          8,316,572  
  Construction in process                                              -                            781,185  
  Office building improvement                                    845,694                                  -  
  Less: accumulated depreciation                             ( 1,148,783                        ( 1,033,670  
  Total                                    $                   8,647,932      $                   9,171,106  

Construction in progress represent ongoing construction
for the office building mentioned above. The construction was to install elevator, HVAC, electrical system and office construction for
the third and fourth floor of the office building to get the office space ready for use. The construction was completed in 2024 and adjusted
to office building improvement.

Depreciation expense for the years ended December
31, 2024, 2023 and 2022 was $344,040, $288,862, and $340,296, respectively.

Note 9 - Intangible assets, net

Intangible assets consist of the following:

                                      December 31,                     December 31,                   
  Artwork trading platform            $                   152,877      $                     795,694  
  Software                                              1,642,113                            904,234  
  Copyright                                                67,531                             68,538  
  Less: accumulated