MicroCloud Hologram Inc. Files 20-F for Fiscal Year 2023

TL;DR

<b>MicroCloud Hologram Inc. has filed its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

MicroCloud Hologram Inc. (HOLOW) filed a Foreign Annual Report (20-F) with the SEC on April 2, 2024. MicroCloud Hologram Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 100 Park Avenue, New York, NY. MicroCloud Hologram Inc. was formerly known as Golden Path Acquisition Corp. until January 20, 2021. The company's SIC code is 7370, indicating services in computer programming and data processing.

Why It Matters

For investors and stakeholders tracking MicroCloud Hologram Inc., this filing contains several important signals. This filing provides investors with a comprehensive overview of the company's financial health and strategic direction for the past fiscal year. As a 20-F filing, it is a crucial document for understanding the company's compliance with SEC regulations and its disclosure of material information to the public.

Risk Assessment

Risk Level: medium — MicroCloud Hologram Inc. shows moderate risk based on this filing. The company's business operations and financial performance are subject to the inherent risks of the technology sector, including rapid technological changes and market competition, as detailed in its 20-F filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to assess MicroCloud Hologram Inc.'s current financial position and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-04-02 — Filing Date (Date of submission)
• 001-40519 — SEC File Number (SEC registration number)

Key Players & Entities

• MicroCloud Hologram Inc. (company) — Filer name
• Golden Path Acquisition Corp. (company) — Former company name
• 2024-04-02 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 100 Park Avenue, New York, NY 10017 (address) — Business and mailing address
• 2125993322 (phone) — Business phone number

FAQ

Industry Context

MicroCloud Hologram Inc. operates within the computer programming and data processing services sector, a field characterized by rapid technological advancements and evolving market demands.

Regulatory Implications

As a foreign private issuer, MicroCloud Hologram Inc. is subject to specific SEC reporting requirements under the Securities Exchange Act of 1934, including the filing of annual reports on Form 20-F.

What Investors Should Do

1. Review the detailed financial statements and management's discussion and analysis within the 20-F filing.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare the 2023 financial data with previous years to identify trends and performance changes.

Key Dates

• 2024-04-02: Filing of 20-F — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End of the reporting period
• 2021-01-20: Name Change — Company changed name from Golden Path Acquisition Corp.

Year-Over-Year Comparison

This filing represents the annual disclosure for the fiscal year 2023, following previous filings which would have covered prior periods.

Key Financial Figures

• $0.0001 — e on which registered Ordinary share, $0.0001 par value, ($0.001 as retroactively adj
• $0.001 — d Ordinary share, $0.0001 par value, ($0.001 as retroactively adjusted to reflect th
• $0 — (1) share of ordinary share, par value $0.001, and the authorized share capital o
• $50,000 — pital of the Company was reduced from US$50,000 divided into 500,000,000 shares of a no
• $11.50 — dated June 21, 2021) was adjusted from $11.50 to $115, with a proportionate adjustmen
• $115 — e 21, 2021) was adjusted from $11.50 to $115, with a proportionate adjustment downwa

Filing Documents

• microcloud_20f.htm (20-F) — 2477KB
• microcloud_ex2-4.htm (EX-2.4) — 28KB
• microcloud_ex2-5.htm (EX-2.5) — 23KB
• microcloud_ex8-1.htm (EX-8.1) — 11KB
• microcloud_ex12-1.htm (EX-12.1) — 17KB
• microcloud_ex12-2.htm (EX-12.2) — 17KB
• microcloud_ex13-1.htm (EX-13.1) — 7KB
• microcloud_ex13-2.htm (EX-13.2) — 7KB
• microcloud_ex15-1.htm (EX-15.1) — 4KB
• img_001.jpg (GRAPHIC) — 61KB
• img_002.jpg (GRAPHIC) — 53KB
• img_003.jpg (GRAPHIC) — 52KB
• img_004.jpg (GRAPHIC) — 49KB
• img_005.jpg (GRAPHIC) — 61KB
• ex15-1_001.jpg (GRAPHIC) — 43KB
• 0001829126-24-002145.txt (&nbsp;) — 10479KB
• holo-20231231.xsd (EX-101.SCH) — 79KB
• holo-20231231_cal.xml (EX-101.CAL) — 72KB
• holo-20231231_def.xml (EX-101.DEF) — 251KB
• holo-20231231_lab.xml (EX-101.LAB) — 439KB
• holo-20231231_pre.xml (EX-101.PRE) — 372KB
• microcloud_20f_htm.xml (XML) — 1612KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS iii PART I 1

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 45

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 67

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 67

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 79

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 85

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 86

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 87

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 87

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 96

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 96 PART II 97

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 97

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 97

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 98

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 100

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 100

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 100

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 100

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 100

CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT 100

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 100

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 101

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 101

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 101

CYBERSECURITY

ITEM 16K. CYBERSECURITY 101 PART III 102

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 102

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 102

EXHIBITS

ITEM 19. EXHIBITS 102

SIGNATURES

SIGNATURES 103 i INTRODUCTION Except where the context otherwise requires and for purposes of this annual report only: unless otherwise noted, all references to years are to the calendar years from January 1 to December 31 and references to our fiscal year or years are to the fiscal year or years ended December 31. " CAC" refers to the Cyberspace Administration of China. " China" or the " PRC", in each case, refers to the People's Republic of China, including Hong Kong, Macau and Taiwan. The term " Chinese" has a correlative meaning for the purpose of this annual report. When used in the case of laws and regulations, of " China" or " the PRC", it refers to only such laws and regulations of mainland China. " Company" refers to MicroCloud Hologram Inc. (f/k/a Golden Path Acquisition Corporation), a Cayman Islands exempted company. " CSRC" refers to the China Securities Regulatory Commission. " EIT" refers to enterprise income tax. " PRC law(s) and regulation(s)" refers to the laws and regulations of mainland China. " MIIT" refers to the Ministry of Industry and Information Technology of China. "GAAP" refers to the generally accepted accounting principles in the United States; "SAFE" are to the State Administration for Foreign Exchange; "MOFCOM" are to the Ministry of Commerce of the People's Republic of China; " RMB"refer to the legal currency of mainland China. " US$" and " U.S. dollars" refer to the legal currency of the United States. " U.S. GAAP" refers to generally accepted accounting principles in the United States. "HOLO", "MicroCloud","we", "us", "our company", "the company", "our", or similar terms used in this annual report refer to MicroCloud Hologram Inc., a Cayman Islands exempted company, including its wholly-owned and majority-owned subsidiaries and, in the context of describing our operations and consolidated financial information. This annual report includes our audited consolidated financial statements for the ye

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. All statements other than statements of historical facts in this annual report are forward-looking statements. In some cases, these forward-looking statements can be identified by words and phrases such as " may," " should," " intend," " predict," " potential," " continue," " will," " expect," " anticipate," " estimate," " plan," " believe," " is /are likely to" or the negative form of these words and phrases or other comparable expressions. The forward-looking statements included in this annual report relate to, among others: our goals and strategies; our future prospects and market acceptance of our products and services; our future business development, financial condition and results of operations; expected changes in our revenue, costs or expenditures; anticipated cash needs and its needs for additional financing; growth of and competition trends in our industry; our ability to successfully integrate acquisitions; our expectations regarding demand for, and market acceptance of, our products; expectations with respect to the success of our research and development efforts; expectations regarding our growth rates, growth plans and strategies; general economic and business conditions in the markets in which we operate; relevant government policies and regulations relating to our business and industry; PRC laws, regulations and policies, including those applicable ; competition landscape in China's holographic digitalization technology service industry; assumptions underlying or related to any of the foregoing. These forward-looking statements involve various risks, assumptions and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to

Selected Financial Data

Selected Financial Data The following selected consolidated statements of operations data and selected consolidated statements of cash flow data for the years ended December 31, 2021, 2022 and 2023 and the selected consolidated balance sheet data as of December 31, 2022 and 2023 have been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1. Our historical results are not necessarily indicative of results expected for future periods. You should read this selected financial data together with our audited consolidated financial statements and the related notes and information under "Item 5. Operating and Financial Review and Prospects" in this annual report. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. 4 Table of Contents The following table sets forth our selected consolidated statements of operations data for the years indicated. For the Year Ended December 31, Selected Consolidated Statements of Operations Data 2021 2022 2023 RMB RMB RMB US$ Revenues 358,649,298 487,938,864 203,548,005 28,885,579 Cost of Revenues (108,623,048 ) (264,679,547 ) (129,296,306 ) (18,348,491 ) GROSS PROFIT 250,026,250 223,259,317 74,251,699 10,537,088 Selling expenses (5,257,331 ) (8,824,405 ) (6,692,316 ) (949,709 ) General and administrative expenses (20,058,463 ) (22,936,520 ) (65,354,201 ) (9,274,441 ) Research and development expenses (145,346,168 ) (331,274,831 ) (78,655,572 ) (11,162,043 ) Provision for doubtful accounts (515,345 ) (2,976,474 ) (857,713 ) (121,718 ) Change in fair value of warrant liabilities - 4,415,328 372,961 52,927 Total operating expenses (171,177,307 ) (361,596,902 ) (151,186,841 ) (21,454,984 ) INCOME (LOSS) FROM OPERATIONS 7

View Full Filing

View this 20-F filing on SEC EDGAR