Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 149

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 149
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 Jiangsu Yanggu that most significantly impact such entity’s economic performance; and                          
  (2)      The obligation to absorb losses of, and the right to receive benefits from Jiangsu Yanggu that could potentially be significant to such entity.  

Accordingly, the accounts of Jiangsu Yanggu and
its subsidiaries are consolidated in the accompanying financial statements pursuant to ASC 810-10, Consolidation.

F-20

ORIENTAL CULTURE HOLDING LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

On January 28, 2021, Oriental Culture WFOE entered
into an Amended and Restated Equity Pledge Agreement, an Amended and Restated Equity Option Agreement, and an Amended and Restated Voting
Rights Proxy and Financial Supporting Agreement (“ Amended and Restated VIE Agreements”) with Jiangsu Yanggu and all shareholders
of Jiangsu Yanggu in order to amend and restate the Equity Pledge Agreement, Equity Option Agreement, and Voting Rights Proxy and Financial
Supporting Agreement originally entered by the parties in May, 2019 (“ Original VIE Agreements”). The Amended and Restated
VIE Agreements were made principally to reflect a change of the share ownership of Jiangsu Yanggu as a result of the transfer by Mr. Weipeng
Liang of his10% equity interest in Jiangsu Yanggu to Ms. Yuanyuan Xiao on January 28, 2021. Except for the change of the share ownership
of Jiangsu Yanggu due to such equity transfer, there are no other changes to the terms of the Original VIE Agreements.

The carrying amounts of the VIEs’ consolidated
assets and liabilities are as follows:

                                   December 31,                       December 31,                   
  Current asset:                   $                  30,360,111      $                  31,192,241  
  Property and equipment, net                          8,647,932                          9,168,627  
  Other noncurrent assets                                950,084                          1,100,961  
  Total assets                                        39,958,127                         41,461,829  
  Total liabilities                                  ( 2,125,559                        ( 2,437,839  
  Total net assets                 $                  37,832,568      $                  39,023,990  

                                              December 31,                     December 31,                 
  Current liabilities: