GD Culture Group Ltd

GD Culture Group Limited is a Nevada company that primarily operates in the United States, directly and indirectly through its Nevada subsidiary, AI Catalysis Corp. The company also has a subsidiary in China, Shanghai Xianzhui Technology Co., Ltd., which previously offered marketing-related services but currently has no business operations or material operating activities. The substantial majority of GD Culture Group Limited's operations are located in the United States. Prior to September 28, 2022, Makesi IoT Technology (Shanghai) Co., Ltd., then an indirect subsidiary, had contractual arrangements with Sichuan Wuge Network Games Co., Ltd. ("Wuge") and its shareholders, forming a variable interest entity (VIE) structure. Makesi WFOE was the primary beneficiary of Wuge for accounting purposes, and the company consolidated Wuge's financial statements under U.S. GAAP before September 28, 2022. Wuge focused on the research, development, and application of Internet of Things (IoT) and electronic tokens for Wuge digital door signs. On September 28, 2022, Makesi WFOE terminated the VIE agreements with Wuge and its shareholders, canceling previously issued shares based on an average closing price of $0.237 per share of the company during the 30 trading days immediately prior to the termination agreement date.