$CNET
ZW Data Action Technologies Inc.

2016 Q2 Form 10-Q Financial Statement

#000117184316011778 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $8.436M $9.174M
YoY Change -8.04%
Cost Of Revenue $5.939M $7.319M
YoY Change -18.86%
Gross Profit $2.497M $2.260M
YoY Change 10.49%
Gross Profit Margin 29.6% 24.63%
Selling, General & Admin $2.895M $2.939M
YoY Change -1.5%
% of Gross Profit 115.94% 130.04%
Research & Development $590.0K $573.0K
YoY Change 2.97%
% of Gross Profit 23.63% 25.35%
Depreciation & Amortization $376.0K $428.0K
YoY Change -12.15%
% of Gross Profit 15.06% 18.94%
Operating Expenses $3.485M $3.512M
YoY Change -0.77%
Operating Profit -$988.0K -$1.252M
YoY Change -21.09%
Interest Expense $17.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $25.00K $16.00K
YoY Change 56.25%
Pretax Income -$963.0K -$1.236M
YoY Change -22.09%
Income Tax $180.0K -$86.00K
% Of Pretax Income
Net Earnings -$1.280M -$1.209M
YoY Change 5.87%
Net Earnings / Revenue -15.17% -13.18%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 11.36M 26.78M
Diluted Shares Outstanding 28.40M 26.78M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.876M $4.645M
Short-Term Investments
Other Short-Term Assets $43.00K
YoY Change
Inventory
Prepaid Expenses
Receivables $3.206M
Other Receivables $464.0K
Total Short-Term Assets $16.99M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $661.0K
YoY Change
Goodwill $4.305M
YoY Change
Intangibles $6.868M
YoY Change
Long-Term Investments $741.0K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $15.79M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $16.99M
Total Long-Term Assets $15.79M
Total Assets $32.78M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.00K $510.0K
YoY Change -82.35% 23.79%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.789M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.789M
Total Long-Term Liabilities
Total Liabilities $6.979M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$6.561M
YoY Change
Common Stock $30.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.33M
YoY Change
Total Liabilities & Shareholders Equity $32.78M
YoY Change

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.280M -$1.209M
YoY Change 5.87%
Depreciation, Depletion And Amortization $376.0K $428.0K
YoY Change -12.15%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Central Index Key
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dei Entity Voluntary Filers
EntityVoluntaryFilers
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dei Amendment Flag
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dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
ChinaNet Online Holdings, Inc.
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cnet Guarantee Cash Payment And Prepayment From New Investors
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dei Document Fiscal Year Focus
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dei Document Period End Date
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dei Trading Symbol
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><a></a>1.</td> <td style="text-align: justify">Organization and nature of operations</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">ChinaNet Online Holdings, Inc. (the &#x201c;Company&#x201d;) was incorporated in the State of Texas in April 2006 and re-domiciled to become a Nevada corporation in October 2006. On June 26, 2009, the Company consummated a share exchange transaction with China Net Online Media Group Limited (the &#x201c;Share Exchange&#x201d;), a company organized under the laws of British Virgin Islands (&#x201c;China Net BVI&#x201d;). As a result of the Share Exchange, China Net BVI became a wholly owned subsidiary of the Company and the Company is now a holding company, which, through certain contractual arrangements with operating companies in the People&#x2019;s Republic of China (the &#x201c;PRC&#x201d;), is engaged in providing advertising, precision marketing, online to offline (O2O) sales channel expansion and the related data services to small and medium enterprises (&#x201c;SMEs&#x201d;) and entrepreneurial management and networking services for entrepreneurs in the PRC.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">The Company&#x2019;s wholly owned subsidiary, China Net BVI was incorporated in the British Virgin Islands. China Net BVI is the parent holding company of CNET Online Technology Limited, a Hong Kong company (&#x201c;China Net HK&#x201d;), which established and is the parent company of Rise King Century Technology Development (Beijing) Co., Ltd., a wholly foreign-owned enterprise (&#x201c;WFOE&#x201d;) established in the PRC (&#x201c;Rise King WFOE&#x201d;).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">To satisfy PRC laws and regulations, the Company conducts certain business in the PRC through its Variable Interest Entities (&#x201c;VIEs&#x201d;). Through a series of contractual agreements between Rise King WFOE and Business Opportunity Online (Beijing) Network Technology Co., Ltd. (&#x201c;Business Opportunity Online&#x201d;) and Beijing CNET Online Advertising Co., Ltd. (&#x201c;Beijing CNET Online&#x201d;) (collectively the &#x201c;PRC Operating Entities&#x201d; or the &#x201c;VIEs&#x201d;), the Company, through the WFOE, secures significant rights to influence the PRC Operating Entities&#x2019; business operations, policies and management, approve all matters requiring shareholder approval, and the right to receive 100% of the income earned by the VIEs. Pursuant to the contractual agreements, all of the equity owners' rights and obligations of the VIEs were assigned to Rise King WFOE, which resulted in the equity owners lacking the ability to make decisions that have a significant effect on the VIEs, Rise King WFOE's ability to extract the profits from the operation of the VIEs and assume the residual benefits of the VIEs. Due to the fact that Rise King WFOE and its indirect parent are the sole interest holders of the VIEs, the Company included the assets, liabilities, revenues and expenses of the VIEs in its consolidated financial statements, which is consistent with the provisions of FASB Accounting Standards Codification (&quot;ASC&quot;) Topic 810 &#x201c;Consolidation&#x201d;, subtopic 10.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">As of June 30, 2016, the Company operated its business primarily in China through its PRC subsidiaries and PRC operating entities, or VIEs as discussed in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, previously filed with the Securities and Exchange Commission (the &#x201c;2015 Form 10-K&#x201d;).</div></div>
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1135000
us-gaap Share Based Compensation
ShareBasedCompensation
956000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1292640
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1292640
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.09
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.09
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2088040
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y87D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y273D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y14D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y197D
CY2016Q2 us-gaap Statutory Accounting Practices Retained Earnings Not Available For Dividends
StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends
2607000
CY2015Q4 us-gaap Statutory Accounting Practices Retained Earnings Not Available For Dividends
StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends
2607000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
25328000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
27333000
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25797000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
27708000
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
3102000
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
3186000
CY2015Q4 us-gaap Time Deposits Weighted Average Interest Rate Maturities Year One
TimeDepositsWeightedAverageInterestRateMaturitiesYearOne
0.0225
CY2016Q2 us-gaap Time Deposits Weighted Average Interest Rate Maturities Year One
TimeDepositsWeightedAverageInterestRateMaturitiesYearOne
0.0225
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 6.55pt"></td> <td style="width: 21pt">d)</td> <td style="text-align: justify">Use of estimates</td> </tr> </table><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 27.55pt">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 27.55pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.</div></div></div></div></div></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28376797
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26572856
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28396797
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26776650
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28376797
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26572856
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28396797
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26776650
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28376797
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26572856
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28396797
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26776650

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