The following table provides disclosure concerning all compensation paid for services to GDC in all capacities for our fiscal years ended December 31, 2023 and 2022 provided by (i) each person serving as our principal executive officer (“PEO”), (ii) each person serving as our principal financial officer (“PFO”) and (iii) our two most highly compensated executive officers other than our PEO and PFO whose total compensation exceeded $100,000 (collectively with the PEO, referred to as the “named executive officers” in this Executive Compensation section).
| Summary Compensation Table |
|---|
| Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Other Compensation ($) | Total ($) |
|---|
| Xiao Jian Wang (1) | 2023 | 34,725 | 65,275 | - | - | - | 100,000 |
|---|
| (CEO, President, Chairman of the Board, and Director) | 2022 | - | - | - | - | - | - |
|---|
| Zihao Zhao(2) | 2023 | 20,833 | - | - | - | - | 20,833 |
|---|
| (CFO) | 2022 | - | - | - | - | - | - |
|---|
| Cai Lu (3) | 2023 | - | - | - | - | - | - |
|---|
| (COO) | 2022 | - | - | - | - | - | - |
|---|
| Shuang Zhang (4) | 2023 | - | - | - | - | - | - |
|---|
| (Vice President and Director) | 2022 | 7,500 | - | - | - | - | 7,500 |
|---|
| Hongxiang Yu (5) | 2023 | - | - | - | - | - | - |
|---|
| (Former CEO, President and Chairman of the Board) | 2022 | 7,500 | - | - | - | - | 7,500 |
|---|
| Wei Xu (6) | 2023 | 7,500 | - | - | - | - | 7,500 |
|---|
| (Former CEO, President and Chairman of the Board) | 2022 | 10,000 | - | - | - | - | 10,000 |
|---|
| Tingjun Yang (7) | 2023 | - | - | - | - | - | - |
|---|
| (Former CEO) | 2022 | - | - | - | - | - | - |
|---|
| Yi Li (8) | 2023 | - | - | - | - | - | - |
|---|
| (Former CFO) | 2022 | 30,000 | - | - | - | - | 30,000 |
|---|
| Jianan Liang (9) | 2023 | - | - | | - |
|---|
| (Former COO) | 2022 | 7,500 | - | - | - | | 7,500 |
|---|
| Tianxiang Zhu (10) | 2023 | - | - | - | - | | - |
|---|
| (Former COO) | 2022 | 15,000 | - | - | - | | 15,000 |
|---|
| Bibo Lin (11) | 2023 | - | - | - | - | | - |
|---|
| (Former Vice President and Former director) | 2022 | 7,500 | - | - | - | | 7,500 |
|---|
| (1) | Mr. Xiao Jian Wang was appointed as the Chief Executive Officer, President, Chairman of the Board and a director of the Company, effective April 21, 2023. |
| (2) | Mr. Zihao Zhao was appointed as the Chief Financial Officer of the Company, effective April 21, 2023. |
| (3) | Ms. Cai Lu was appointed as the Chief Operating Officer on February 9, 2023. |
| (4) | Mr. Shuang Zhang was appointed as the Vice President and a director of the Company, effective October 4, 2022. |
| (5) | Mr. Hongxiang Yu was appointed as the Chief Executive Officer, President, Chairman of the Board and a director of the Company, effective October 4, 2022. On April 21, 2023, Mr. Yu tendered his resignation as the Chief Executive Officer, President, Chairman of the Board and a director of the Company. |
| (4) | Mr. Shuang Zhang was appointed as the Vice President and a director of the Company, effective October 4, 2022. |
| (6) | Mr. Wei Xu was appointed as a director of the Company on January 3, 2020, as the Co-Chairman of the Board on February 25, 2020, as the President on October 29, 2020, and the CEO on January 21, 2022. On October 4, 2022, Mr. Xu tendered his resignation as the Chief Executive Officer, President, Chairman of the Company. |
| (7) | Mr. Tingjun Yang was appointed as the CEO of the Company on September 7, 2021. On January 21, 2022, Mr. Yang tendered his resignation as Chief Executive Officer of the Company. |
| (8) | Ms. Yi Li was appointed as the CFO of the Company on April 25, 2019. On April 21, 2023, Mr. Li tendered his resignation as the CFO of the Company |
| (9) | Mr. Jianan Liang was appointed as the COO of the Company on March 17, 2021. On April 5, 2022, Mr. Liang tendered his resignation as the COO of the Company. |
| (10) | Mr. Tianxiang Zhu was appointed as the COO and a director of the Company on April 5, 2022. On November 10, 2022, Mr. Tianxiang Zhu tendered his resignation as the Chief Operating Officer and a director of the Company. |
| (11) | Mr. Bibo Lin was appointed as the Vice President of the Company on February 25, 2020 and as the director on March 30, 2021. On October 4, 2022, Mr. Lin tendered his resignation as the Vice President and a director of the Company. |
Grants of Plan Based Awards in the Fiscal Year Ended December 31, 2023
During the fiscal year ended December 31, 2023, no shares of common stock were granted to our officers and directors under the plan.
Outstanding Equity Awards at Fiscal Year-End
None.
Employment Contracts, Termination of Employment, Change-in-Control Arrangements
We have entered into employment agreements with each of our executive officers, respectively, (each an “Employment Agreement,” collectively, the “Employment Agreements”). Under these agreements, each of our executive officers is employed for a specified time period. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a crime, or misconduct or a failure to perform agreed duties. The executive officer may resign at any time with a three-month advance written notice.
The officers also agreed to enter into additional confidential information and invention assignment agreements and are subject to certain non-compete and non-solicitation restrictions for a period one year following termination.
Director Compensation
The following table represents compensation earned by our non-executive directors in 2023.
| Name | Fees earned in cash ($) | | Stock awards ($) | | Option awards ($) | All other compensation ($) | Total ($) | |
|---|
| Mingyue Cai (1) | $ | - | | - | | - | | - | $ | - |
|---|
| Junhong He (2) | $ | - | | - | | - | | - | $ | - |
|---|
| Jing Zhang (3) | $ | - | | - | | - | | - | $ | - |
|---|
| Shuaiheng Zhang (4) | | - | | - |
|---|
| Yi Zhong (5) | | - | | - |
|---|
| (1) | Mr. Mingyue Cai was appointed as a director of the Company on February 25, 2020. |
| (2) | Ms. Junhong He was appointed as a director of the Company on September 15, 2022. Ms. He resigned from her position on February 17, 2023. |
| (3) | Ms. Jing Zhang was appointed as a director of the Company on September 15, 2022. Ms. Zhang resigned from her position on February 9, 2023. |
| (4) | Mr. Shuaiheng Zhang was appointed as a director of the Company on February 9, 2023. |
| (5) | Mr. Yi Zhong was appointed as a director of the Company on February 17, 2023. |
