2017 Form 10-K Financial Statement

#000117184318002741 Filed on April 16, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $46.63M $34.75M
YoY Change 34.2% 7.7%
Cost Of Revenue $42.02M $27.00M
YoY Change 55.64% 9.51%
Gross Profit $4.613M $7.751M
YoY Change -40.49% 1.85%
Gross Profit Margin 9.89% 22.31%
Selling, General & Admin $10.20M $11.74M
YoY Change -13.16% -2.81%
% of Gross Profit 221.07% 151.52%
Research & Development $1.261M $1.996M
YoY Change -36.82% -7.76%
% of Gross Profit 27.34% 25.75%
Depreciation & Amortization $1.422M $1.572M
YoY Change -9.54% -11.09%
% of Gross Profit 30.83% 20.28%
Operating Expenses $14.01M $13.90M
YoY Change 0.81% -17.88%
Operating Profit -$9.398M -$6.148M
YoY Change 52.86% -34.01%
Interest Expense $107.0K $13.00K
YoY Change 723.08% -72.34%
% of Operating Profit
Other Income/Expense, Net -$362.0K -$35.00K
YoY Change 934.29% -133.65%
Pretax Income -$9.760M -$6.183M
YoY Change 57.85% -32.88%
Income Tax $251.0K $102.0K
% Of Pretax Income
Net Earnings -$10.13M -$6.492M
YoY Change 55.96% -28.6%
Net Earnings / Revenue -21.71% -18.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$835.8K -$571.3K
COMMON SHARES
Basic Shares Outstanding 12.12M 11.36M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.950M $6.090M
YoY Change -51.56% -30.56%
Cash & Equivalents $2.950M $3.035M $3.040M
Short-Term Investments $0.00 $3.060M
Other Short-Term Assets $4.070M $95.00K $4.760M
YoY Change -14.5% 111.11% -38.74%
Inventory
Prepaid Expenses
Receivables $7.230M $3.322M $3.540M
Other Receivables $2.650M $89.00K $80.00K
Total Short-Term Assets $16.90M $14.48M $14.48M
YoY Change 16.71% -31.2% -31.18%
LONG-TERM ASSETS
Property, Plant & Equipment $300.0K $471.0K $470.0K
YoY Change -36.17% -30.84% -30.88%
Goodwill $4.970M
YoY Change 13.06%
Intangibles $7.264M
YoY Change 28.84%
Long-Term Investments $920.0K $709.0K $1.340M
YoY Change -31.34% -8.87% 18.58%
Other Assets $1.360M $1.520M
YoY Change -10.53% -40.86%
Total Long-Term Assets $11.66M $15.57M $15.56M
YoY Change -25.06% 7.94% 7.91%
TOTAL ASSETS
Total Short-Term Assets $16.90M $14.48M $14.48M
Total Long-Term Assets $11.66M $15.57M $15.56M
Total Assets $28.56M $30.04M $30.04M
YoY Change -4.93% -15.28% -15.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.850M $102.0K $100.0K
YoY Change 2750.0% 7.37% 0.0%
Accrued Expenses $560.0K $690.0K
YoY Change -18.84% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.700M $1.610M
YoY Change 5.59% 71.28%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.96M $7.620M $7.620M
YoY Change 70.08% 3.39% 3.39%
LONG-TERM LIABILITIES
Long-Term Debt $130.0K $130.0K
YoY Change 0.0% -50.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $130.0K $130.0K
YoY Change 0.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.96M $7.620M $7.620M
Total Long-Term Liabilities $130.0K $130.0K
Total Liabilities $13.27M $7.746M $7.800M
YoY Change 70.13% 1.61% -4.06%
SHAREHOLDERS EQUITY
Retained Earnings -$10.36M
YoY Change 167.75%
Common Stock $12.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.29M $22.24M $22.24M
YoY Change
Total Liabilities & Shareholders Equity $28.56M $30.04M $30.04M
YoY Change -4.93% -15.28% -15.28%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income -$10.13M -$6.492M
YoY Change 55.96% -28.6%
Depreciation, Depletion And Amortization $1.422M $1.572M
YoY Change -9.54% -11.09%
Cash From Operating Activities -$1.320M -$563.0K
YoY Change 134.46% -110.16%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $148.0K
YoY Change -97.3% -58.43%
Acquisitions
YoY Change
Other Investing Activities -$2.070M -$460.0K
YoY Change 350.0% 17.95%
Cash From Investing Activities -$2.078M -$2.576M
YoY Change -19.33% -44.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 753.0K
YoY Change -679.23%
NET CHANGE
Cash From Operating Activities -1.320M -563.0K
Cash From Investing Activities -2.078M -2.576M
Cash From Financing Activities 753.0K
Net Change In Cash -3.139M -2.386M
YoY Change 31.56% -405.9%
FREE CASH FLOW
Cash From Operating Activities -$1.320M -$563.0K
Capital Expenditures $4.000K $148.0K
Free Cash Flow -$1.324M -$711.0K
YoY Change 86.22% -113.72%

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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; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><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=" 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 <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-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 on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 13, 2007. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 11, 2008, </div>China Net BVI became the parent holding company of a group of companies comprised 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;). The Company refers to the transactions that resulted in China Net BVI becoming an indirect parent company of Rise King WFOE as the &#x201c;Offshore Restructuring.&#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">PRC regulations prohibit direct foreign ownership of business entities providing internet content, or ICP services in the PRC, and used to restrict foreign ownership of business entities engaging in the advertising business, which was subsequently lifted in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2015. </div>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 (the &#x201c;Contractual Agreements&#x201d; or &#x201c;VIE Agreements&#x201d;) between Rise King WFOE and Business Opportunity Online (Beijing) Network Technology Co., Ltd. (&#x201c;Business Opportunity Online&#x201d;), Beijing CNET Online Advertising Co., Ltd. (&#x201c;Beijing CNET Online&#x201d;) (collectively the &#x201c;PRC Operating Entities&#x201d; or the &#x201c;VIEs&#x201d;) and its common individual owners (the &#x201c;PRC Shareholders&#x201d; or the &#x201c;Control Group&#x201d;), the Company, through Rise King 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the income earned by the PRC Operating Entities. In return, Rise King WFOE provides consulting services to the PRC Operating Entities. In addition, to ensure that the PRC Operating Entities and the PRC Shareholders perform their obligations under the Contractual Arrangements, the PRC Shareholders have pledged all of their equity interests in the PRC Operating Entities to Rise King WFOE. They also entered into an option agreement with Rise King WFOE which provides that at such time as when the restrictions under PRC law on foreign ownership of Chinese companies engaging in the Internet content, information services or advertising business in China are lifted, Rise King WFOE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exercise its option to purchase the equity interests in the PRC Operating Entities, directly.</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">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div> &#x201c;Consolidation&#x201d;, subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"><div style="display: inline; color: windowtext">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div></div>the Company&#x2019;s VIE, Beijing CNET Online is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51%</div> shareholder of Shanghai Borongdingsi Computer Technology Co., Ltd. (&#x201c;Shanghai Borongdingsi&#x201d;), a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> stockholder of Chuangshi Meiwei (Beijing) International Investment Management Co., Ltd. (&#x201c;Chuangshi Meiwei&#x201d;) and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> shareholder of Beijing Saturday Education Technology Co., Ltd. (&#x201c;Beijing Saturday&#x201d;). The Company&#x2019;s VIE, Business Opportunity Online is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51%</div> shareholder of Beijing Chuang Fu Tian Xia Network Technology Co., Ltd. (&#x201c;Beijing Chuang Fu Tian Xia&#x201d;), <div style="display: inline; color: windowtext">a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div> shareholder of Guohua Shiji (Beijing) Communication Co., Ltd. (&#x201c;Guohua Shiji&#x201d;), </div>the sole shareholder of Business Opportunity Online (Hubei) Network Technology Co., Ltd. (&#x201c;Business Opportunity Online Hubei&#x201d;), the sole shareholder of Beijing Chuang Shi Xin Qi Advertising Media Co., Ltd. (&#x201c;Beijing Chuang Shi Xin Qi&#x201d;), the sole shareholder of Beijing Hong Da Shi Xing Network Technology Co., Ltd. (&#x201c;Beijing Hong Da Shi Xing&#x201d;), the sole shareholder of Beijing Shi Ji Cheng Yuan Advertising Media Co., Ltd. (&#x201c;Beijing Shi Ji Cheng Yuan&#x201d;) and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23.18%</div> shareholder of Shenzhen City Mingshan Network Technology Co., Ltd. (&#x201c;Shenzhen Mingshan&#x201d;). Business Opportunity Online Hubei is the sole shareholder of Hubei CNET Advertising Media Co., Ltd. (&#x201c;Hubei CNET&#x201d;), the sole shareholder of Sheng Tian Network Technology (Hubei) Co., Ltd. (&#x201c;Sheng Tian Hubei&#x201d;) and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25.5%</div> shareholder of Zhao Shang Ke Network Technology (Hubei) Co., Ltd. (&#x201c;Zhao Shang Ke Hubei&#x201d;).</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"></div> <!-- Field: /Page --> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company also controls <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> wholly-owned investment holding companies, ChinaNet Investment Holding Ltd, a British Virgin Islands company (&#x201c;ChinaNet Investment BVI&#x201d;), and ChinaNet Online Holdings Co., Ltd., a PRC company (&#x201c;ChinaNet Online PRC&#x201d;). ChinaNet Investment BVI co-incorporated ChinaNet Online Holdings Korea (&#x201c;ChinaNet Korea&#x201d;) with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> unaffiliated individuals and beneficially own <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div> equity interest in ChinaNet Korea. ChinaNet Online PRC co-incorporated ChinaNet Chuang Tou (Shenzhen) Co., Ltd. (&#x201c;ChinaNet Chuang Tou&#x201d;) with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> unaffiliated individuals and beneficially own <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div> equity interest in ChinaNet Chuang Tou.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">The Company operated its business primarily in China through its PRC subsidiaries and operating entities, or VIEs as discussed above.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 18, 2016, </div>the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of Nevada to effect a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5</div>) reverse stock split of the Company&#x2019;s common stock (the &#x201c;Common Stock&#x201d;), which became effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 19, 2016 (</div>the &#x201c;Reverse Stock Split&#x201d;). When the Reverse Stock Split became effective, each <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half shares of issued and outstanding Common Stock were converted into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> newly issued and outstanding share of Common Stock. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> fractional shares were issued in connection with the reverse stock split. Any fractional shares of Common Stock that would have otherwise resulted from the reverse stock split were rounded up to the nearest full share. The Reverse Stock Split did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change the par value of the Common Stock and had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on the number of authorized shares of Common Stock of the Company. As a result of the Reverse Stock Split, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,395,722</div> shares of Common Stock that were issued and outstanding at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 19, 2016 </div>was reduced to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,158,542</div> shares of Common Stock (taking into account the rounding of fractional shares). All number of shares, share prices, share amounts and per share data have been retroactively restated to reflect the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5</div> reverse stock split of the Company wherever applicable in the following notes to consolidated financial statements.</div></div>
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687000
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487000
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CY2016 us-gaap Payments To Acquire Loans Receivable
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CY2017 us-gaap Payments To Acquire Productive Assets
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CY2016 us-gaap Payments To Acquire Productive Assets
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4000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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148000
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296000
CY2016 us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
CY2017 us-gaap Profit Loss
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3721000
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PropertyPlantAndEquipmentGross
3547000
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PropertyPlantAndEquipmentNet
299000
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PropertyPlantAndEquipmentNet
471000
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1462000
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
368000
CY2017Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
765000
CY2016Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
721000
CY2017 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
741000
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RepaymentsOfBankDebt
CY2017 us-gaap Research And Development Expense
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1261000
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ResearchAndDevelopmentExpense
1996000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-20487000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
35000
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RevenueFromRelatedParties
450000
CY2017 us-gaap Revenues
Revenues
46633000
CY2016 us-gaap Revenues
Revenues
34750000
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46598000
CY2016 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
34300000
CY2017 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2734000
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SellingAndMarketingExpense
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CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
2271000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
2309000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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517056
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2.59
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.49
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0
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0
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835216
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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835216
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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835216
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2.49
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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2.49
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.49
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y14D
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
1404340
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2017Q4 us-gaap Short Term Debt Weighted Average Interest Rate
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2607000
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2017 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2910000
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CY2017 us-gaap Use Of Estimates
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<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; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 6.55pt"></td> <td style="width: 21pt">c)</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 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 style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 27.55pt"></div></div></div></div>
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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11357907
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11357907

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