$CNET
ZW Data Action Technologies Inc.

2017 Q3 Form 10-Q Financial Statement

#000117184317007005 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $13.52M $11.90M
YoY Change 13.62% 40.06%
Cost Of Revenue $12.16M $9.874M
YoY Change 23.18% 40.12%
Gross Profit $1.360M $2.028M
YoY Change -32.94% 39.77%
Gross Profit Margin 10.06% 17.04%
Selling, General & Admin $3.058M $2.878M
YoY Change 6.25% -15.7%
% of Gross Profit 224.85% 141.91%
Research & Development $312.0K $514.0K
YoY Change -39.3% -13.61%
% of Gross Profit 22.94% 25.35%
Depreciation & Amortization $49.00K $410.0K
YoY Change -88.05% 388.1%
% of Gross Profit 3.6% 20.22%
Operating Expenses $3.370M $3.392M
YoY Change -0.65% -15.39%
Operating Profit -$2.010M -$1.364M
YoY Change 47.36% -46.68%
Interest Expense $34.00K $4.000K
YoY Change 750.0% -66.67%
% of Operating Profit
Other Income/Expense, Net -$36.00K -$84.00K
YoY Change -57.14% -863.64%
Pretax Income -$2.046M -$1.448M
YoY Change 41.3% -43.15%
Income Tax $2.000K $3.000K
% Of Pretax Income
Net Earnings -$2.087M -$1.472M
YoY Change 41.78% -29.26%
Net Earnings / Revenue -15.43% -12.37%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 12.07M 11.36M
Diluted Shares Outstanding 11.36M

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.234M $3.035M $1.246M
Short-Term Investments
Other Short-Term Assets $95.00K $95.00K $28.00K
YoY Change 239.29% 111.11%
Inventory
Prepaid Expenses
Receivables $4.653M $3.322M $3.484M
Other Receivables $2.863M $89.00K $355.0K
Total Short-Term Assets $14.53M $14.48M $17.26M
YoY Change -15.84% -31.2%
LONG-TERM ASSETS
Property, Plant & Equipment $341.0K $471.0K $511.0K
YoY Change -33.27% -30.84%
Goodwill $5.195M $4.970M $4.275M
YoY Change 21.52% 13.06%
Intangibles $6.653M $7.264M $6.467M
YoY Change 2.88% 28.84%
Long-Term Investments $741.0K $709.0K $737.0K
YoY Change 0.54% -8.87%
Other Assets
YoY Change
Total Long-Term Assets $14.61M $15.57M $15.16M
YoY Change -3.65% 7.94%
TOTAL ASSETS
Total Short-Term Assets $14.53M $14.48M $17.26M
Total Long-Term Assets $14.61M $15.57M $15.16M
Total Assets $29.14M $30.04M $32.43M
YoY Change -10.14% -15.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $625.0K $102.0K $115.0K
YoY Change 443.48% 7.37% -83.59%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.330M $7.620M $7.491M
YoY Change 24.55% 3.39%
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 $9.330M $7.620M $7.491M
Total Long-Term Liabilities
Total Liabilities $9.462M $7.746M $7.651M
YoY Change 23.67% 1.61%
SHAREHOLDERS EQUITY
Retained Earnings -$14.33M -$10.36M -$8.033M
YoY Change 78.33% 167.75%
Common Stock $12.00K $12.00K $12.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.57M $22.24M $24.29M
YoY Change
Total Liabilities & Shareholders Equity $29.14M $30.04M $32.43M
YoY Change -10.14% -15.28%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$2.087M -$1.472M
YoY Change 41.78% -29.26%
Depreciation, Depletion And Amortization $49.00K $410.0K
YoY Change -88.05% 388.1%
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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AccruedPayrollAndOtherAccruals
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CY2016Q4 cnet Accrued Payroll And Other Accruals
AccruedPayrollAndOtherAccruals
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CY2017Q3 cnet Accumulated Impairment Of Intangible Assets Finite Lived
AccumulatedImpairmentOfIntangibleAssetsFiniteLived
1960000
CY2016Q4 cnet Accumulated Impairment Of Intangible Assets Finite Lived
AccumulatedImpairmentOfIntangibleAssetsFiniteLived
1875000
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144000
cnet Collection Of Receivable On Disposal Of Vi Es
CollectionOfReceivableOnDisposalOfVIEs
cnet Collection Of Receivable On Disposal Of Vi Es
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cnet Cost Method Investments Withdraw Of Cash Investment
CostMethodInvestmentsWithdrawOfCashInvestment
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CY2017Q3 cnet Costmethod Investments Accumulated Other Than Temporary Impairment
CostmethodInvestmentsAccumulatedOtherThanTemporaryImpairment
159000
CY2016Q4 cnet Costmethod Investments Accumulated Other Than Temporary Impairment
CostmethodInvestmentsAccumulatedOtherThanTemporaryImpairment
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cnet Deconsolidation Gain Or Loss Amount Including Discountinued Operations
DeconsolidationGainOrLossAmountIncludingDiscountinuedOperations
cnet Deconsolidation Gain Or Loss Amount Including Discountinued Operations
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CY2017Q3 cnet Due From Related Parties Gross Current
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CY2016Q4 cnet Due From Related Parties Gross Current
DueFromRelatedPartiesGrossCurrent
357000
CY2017Q3 cnet Enterprise Income Tax Payable Current
EnterpriseIncomeTaxPayableCurrent
1843000
CY2016Q4 cnet Enterprise Income Tax Payable Current
EnterpriseIncomeTaxPayableCurrent
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CY2017Q3 cnet Equity Method Investment Accumulated Other Than Temporary Impairment
EquityMethodInvestmentAccumulatedOtherThanTemporaryImpairment
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CY2016Q4 cnet Equity Method Investment Accumulated Other Than Temporary Impairment
EquityMethodInvestmentAccumulatedOtherThanTemporaryImpairment
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cnet Foreign Currency Exchange Rate Translation Average
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6.7983
cnet Foreign Currency Exchange Rate Translation Average
ForeignCurrencyExchangeRateTranslationAverage
6.5771
CY2017Q3 cnet Foreign Currency Exchange Rate Translation Average
ForeignCurrencyExchangeRateTranslationAverage
6.6676
CY2016Q3 cnet Foreign Currency Exchange Rate Translation Average
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6.6648
cnet Goodwill Accumulated Translation Adjustments
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-225000
CY2017Q3 cnet Guarantee Payment And Prepayment From New Investors
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GuaranteePaymentAndPrepaymentFromNewInvestors
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CY2017Q3 cnet Impaired Assets To Be Disposed Of By Method Other Than Sale Accumulated Amount Of Impairment Loss
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154000
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cnet Increase Decrease In Accrued Payroll And Other Accruals
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cnet Increase Decrease In Commitment And Contingencies
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cnet Increase Decrease In Commitment And Contingencies
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cnet Increase Decrease In Prepayment And Deposit To Suppliers
IncreaseDecreaseInPrepaymentAndDepositToSuppliers
470000
cnet Increase Decrease In Prepayment And Deposit To Suppliers
IncreaseDecreaseInPrepaymentAndDepositToSuppliers
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cnet Number Of Largest Internet Resources Suppliers
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cnet Options Exercisable Granted Vested
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cnet Options Exercisable Granted Vested Weighted Average Exercise Price
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cnet Payments To Acquire Equity And Cost Method Investments
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cnet Payments To Acquire Equity And Cost Method Investments
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CY2017Q3 cnet Paymentto Acquire Long Term Assets
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cnet Paymentto Acquire Long Term Assets
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cnet Proceeds From Maturities Certificates Of Deposits
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cnet Proceeds From Withdraw Of Equity And Cost Method Investments
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cnet Profits Assessable
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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us-gaap Depreciation
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149000
us-gaap Depreciation
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193000
CY2017Q3 us-gaap Depreciation
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us-gaap Depreciation And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1170000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="text-align: justify">Organization and nature of operations</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ChinaNet Online Holdings, Inc. (the &#x201c;Company&#x201d;) was incorporated in the State of Texas in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2006 </div>and re-domiciled to become a Nevada corporation in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2006. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 26, 2009, </div>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 (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">O2O</div>) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company operated its business primarily in China through its PRC subsidiaries and operating entities, or Variable Interest Entities (&#x201c;VIEs&#x201d;) as discussed in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>previously filed with the Securities and Exchange Commission (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x201c;2016</div> Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K&#x201d;).</div></div>
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StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
19567000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
22242000
CY2017Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
3089000
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2910000
CY2017Q3 us-gaap Time Deposits Weighted Average Interest Rate Maturities Year One
TimeDepositsWeightedAverageInterestRateMaturitiesYearOne
0.0225
CY2016Q4 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"><table cellpadding="0" cellspacing="0" style="; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"><tr style="vertical-align: top"><td style="width: 15pt"></td> <td style="width: 30pt">c)</td> <td style="text-align: justify">Use of estimates</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12019040
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11353657
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12074304
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11358971
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12019040
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11353657
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12074304
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11358971

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