Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 132

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 132
---
 2                      Level 3  
  Short-term investment (including restricted)      $         16,089,248      $                      $            16,089,248      $        
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

                                                                             December 31, 2023                                           
                                                                             Fair Value                                                  
                                                    Cost                     Level 1                Level 2                     Level 3  
  Short-term investment (including restricted)      $         4,988,772      $                      $            4,988,772      $        
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

The Company values its short-term investment using
alternative pricing sources and market observable inputs, and accordingly the Company classifies the valuation techniques that use these
inputs as Level 2. This investment has original maturities of less than1year and the carrying value approximates its fair value.

Cash and cash equivalents

Cash and equivalents consist of cash in bank and
money market funds with maturity of less than three months which are unrestricted as to immediate withdrawal and use.

Restricted cash and cash equivalents

On July 1, 2022, Mr. Huajun Gao and Mr. Aiming Kong, each a shareholder
of Oriental Culture Holding LTD (the “ Company”), were detained by Nan County Public Safety Bureau of Yiyang City, Hunan Province,
China. On July 26, 2022, Nan County People’s Procuratorate approved the arrest of Mr. Gao and Mr. Kong with a charge of illegal
business operation of Nanjing Jinwang, a company controlled by Mr. Gao and Mr. Kong. On July 1, 2022, Nan County Public Safety Bureau
froze certain bank accounts of Kashi Longrui, Kashi Dongfang, and Nanjing Yanyu, all subsidiaries of Jiangsu Yanggu Culture Development
Co., Ltd., the VIE of the Company in China because they, each had business relationship with Nanjing Jinwang. The total restricted cash
and equivalents was $6,475,274and $14,740,676as of December 31, 2024 and 2023, respectively.

F-11

ORIENTAL CULTURE HOLDING LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Short-term investments

The short-term investment is an investment in a bank-