SEC Comment Letter 0000000000-23-007305 to Global Mofy AI Ltd (GMM)
Global Mofy AI Ltd
Date: July 10, 2023 · CIK: 0001913749 · Accession: 0000000000-23-007305
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 333-268553
Letter
United States securities and exchange commission logo July 10, 2023 Haogang Yang Chief Executive Officer Global Mofy Metaverse Ltd No. 102, 1st Floor, No. A12, Xidian Memory Cultural and Creative Town Gaobeidian Township, Chaoyang District, Beijing People’s Republic of China, 100000 Re:Global Mofy Metaverse Ltd Amendment No. 5 to Registration Statement on Form F-1 Filed June 28, 2023 File No. 333-268553 Dear Haogang Yang: We have reviewed your amended registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our May 15, 2023 letter. Amendment No. 5 to Registration Statement on Form F-1 Consolidated Financial Statements as of March 31, 2023 and September 30, 2022 Not3e 2. Summary of Significant Accounting Policies (s) Significant risks and uncertainties Concentration and credit risk, page F-43 1.Please clarify your disclosures that indicate as of March 31, 2023 and September 30, 2022, cash balances in the PRC are $1,123,024 and $1,131,886, respectively. In this respect, we note that as of March 31, 2023 and September 30, 2022, cash balances on your consolidated balance sheets are $8,181,251 and $1,136,064, respectively. Tell us the amount of demand deposits placed with commercial banks for each period presented.
FirstName LastNameHaogang Yang Comapany NameGlobal Mofy Metaverse Ltd July 10, 2023 Page 2 FirstName LastName Haogang Yang Global Mofy Metaverse Ltd July 10, 2023 Page 2 Explain whether your demand deposits have fixed terms and whether you can withdraw the demand deposits at any time or use it for settlement. In this regard, please consider whether the demand deposits included in your cash balance qualify as cash equivalents. We refer you to ASC 230-10-45-6 and 50-1. If so, please revise the cash caption and disclosures accordingly. You may contact Morgan Youngwood, Senior Staff Accountant, at (202) 551-3479 or Stephen Krikorian, Accounting Branch Chief, at (202) 551-3488 if you have questions regarding comments on the financial statements and related matters. Please contact Austin Pattan, Staff Attorney, at (202) 551-6756 or Larry Spirgel, Office Chief, at (202) 551-3815 with any other questions. Sincerely, Division of Corporation Finance Office of Technology cc: Yarona L. Yieh
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United States securities and exchange commission logo
July 10, 2023
Haogang Yang
Chief Executive Officer
Global Mofy Metaverse Ltd
No. 102, 1st Floor, No. A12, Xidian Memory Cultural and Creative Town
Gaobeidian Township, Chaoyang District, Beijing
People’s Republic of China, 100000
Re:Global Mofy Metaverse Ltd
Amendment No. 5 to Registration Statement on Form F-1
Filed June 28, 2023
File No. 333-268553
Dear Haogang Yang:
We have reviewed your amended registration statement and have the following
comments. In some of our comments, we may ask you to provide us with information so we
may better understand your disclosure.
Please respond to this letter by amending your registration statement and providing the
requested information. If you do not believe our comments apply to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why in your
response.
After reviewing any amendment to your registration statement and the information you
provide in response to these comments, we may have additional comments. Unless we note
otherwise, our references to prior comments are to comments in our May 15, 2023 letter.
Amendment No. 5 to Registration Statement on Form F-1
Consolidated Financial Statements as of March 31, 2023 and September 30, 2022
Not3e 2. Summary of Significant Accounting Policies
(s) Significant risks and uncertainties
Concentration and credit risk, page F-43
1.Please clarify your disclosures that indicate as of March 31, 2023 and September 30,
2022, cash balances in the PRC are $1,123,024 and $1,131,886, respectively. In this
respect, we note that as of March 31, 2023 and September 30, 2022, cash balances on your
consolidated balance sheets are $8,181,251 and $1,136,064, respectively. Tell us the
amount of demand deposits placed with commercial banks for each period presented.
FirstName LastNameHaogang Yang
Comapany NameGlobal Mofy Metaverse Ltd
July 10, 2023 Page 2
FirstName LastName
Haogang Yang
Global Mofy Metaverse Ltd
July 10, 2023
Page 2
Explain whether your demand deposits have fixed terms and whether you can withdraw
the demand deposits at any time or use it for settlement. In this regard, please consider
whether the demand deposits included in your cash balance qualify as cash equivalents.
We refer you to ASC 230-10-45-6 and 50-1. If so, please revise the cash caption and
disclosures accordingly.
You may contact Morgan Youngwood, Senior Staff Accountant, at (202) 551-3479 or
Stephen Krikorian, Accounting Branch Chief, at (202) 551-3488 if you have questions regarding
comments on the financial statements and related matters. Please contact Austin Pattan, Staff
Attorney, at (202) 551-6756 or Larry Spirgel, Office Chief, at (202) 551-3815 with any other
questions.
Sincerely,
Division of Corporation Finance
Office of Technology
cc: Yarona L. Yieh