$CNET
ZW Data Action Technologies Inc.

2018 Q1 Form 10-Q Financial Statement

#000117184318004112 Filed on May 21, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $8.260M $7.264M
YoY Change 13.71% 43.56%
Cost Of Revenue $7.659M $5.992M
YoY Change 27.82% 73.38%
Gross Profit $601.0K $1.272M
YoY Change -52.75% -20.7%
Gross Profit Margin 7.28% 17.51%
Selling, General & Admin $1.928M $1.926M
YoY Change 0.1% -25.52%
% of Gross Profit 320.8% 151.42%
Research & Development $218.0K $395.0K
YoY Change -44.81% -7.28%
% of Gross Profit 36.27% 31.05%
Depreciation & Amortization $216.0K $354.0K
YoY Change -38.98% -7.81%
% of Gross Profit 35.94% 27.83%
Operating Expenses $2.146M $2.321M
YoY Change -7.54% -22.94%
Operating Profit -$1.545M -$1.049M
YoY Change 47.28% -25.5%
Interest Expense $10.00K $17.00K
YoY Change -41.18%
% of Operating Profit
Other Income/Expense, Net $971.0K -$20.00K
YoY Change -4955.0% -233.33%
Pretax Income -$574.0K -$1.069M
YoY Change -46.3% -23.26%
Income Tax -$4.000K
% Of Pretax Income
Net Earnings -$565.0K -$1.087M
YoY Change -48.02% -22.96%
Net Earnings / Revenue -6.84% -14.96%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 11.98M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $7.503M $1.047M
Short-Term Investments
Other Short-Term Assets $143.0K
YoY Change
Inventory
Prepaid Expenses
Receivables $3.567M $4.242M
Other Receivables $2.094M
Total Short-Term Assets $18.59M $17.52M
YoY Change 6.13%
LONG-TERM ASSETS
Property, Plant & Equipment $264.0K $423.0K
YoY Change -37.59%
Goodwill $5.483M $4.998M
YoY Change 9.7%
Intangibles $3.786M $7.001M
YoY Change -45.92%
Long-Term Investments $782.0K $713.0K
YoY Change 9.68%
Other Assets
YoY Change
Total Long-Term Assets $13.82M $15.30M
YoY Change -9.69%
TOTAL ASSETS
Total Short-Term Assets $18.59M $17.52M
Total Long-Term Assets $13.82M $15.30M
Total Assets $32.41M $32.82M
YoY Change -1.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $832.0K $398.0K
YoY Change 109.05% 83.41%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.036M $11.15M
YoY Change -27.9%
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 $8.036M $11.15M
Total Long-Term Liabilities
Total Liabilities $8.976M $11.27M
YoY Change -20.37%
SHAREHOLDERS EQUITY
Retained Earnings -$21.05M -$11.45M
YoY Change 83.88%
Common Stock $16.00K $12.00K
YoY Change 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.25M $21.51M
YoY Change
Total Liabilities & Shareholders Equity $32.41M $32.82M
YoY Change -1.25%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$565.0K -$1.087M
YoY Change -48.02% -22.96%
Depreciation, Depletion And Amortization $216.0K $354.0K
YoY Change -38.98% -7.81%
Cash From Operating Activities -$3.179M -$2.007M
YoY Change 58.4%
INVESTING ACTIVITIES
Capital Expenditures $1.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.156M
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 9.770M
YoY Change
NET CHANGE
Cash From Operating Activities -3.179M -2.007M
Cash From Investing Activities -2.156M
Cash From Financing Activities 9.770M
Net Change In Cash 4.551M -2.007M
YoY Change -326.76%
FREE CASH FLOW
Cash From Operating Activities -$3.179M -$2.007M
Capital Expenditures $1.000K
Free Cash Flow -$3.180M -$2.007M
YoY Change 58.45%

Facts In Submission

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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: 0.25in"><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. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018, </div>the Company announced its expansion into the blockchain industry and the related technology. The Company aims to develop credible, traceable and highly secured blockchain applications for the large demand from the SMEs and gradually shift from an information services provider to a transaction services provider for business opportunities in the near future.</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">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </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, 2017, </div>previously filed with the Securities and Exchange Commission (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x201c;2017</div> Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K&#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"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 17, 2018, </div>the Company consummated a registered direct offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,150,001</div> shares of the Company&#x2019;s common stock to certain institutional investors at a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.15</div> per share (&#x201c;the Financing&#x201d;). As part of the transaction, the Company also issued to the investors warrants for the purchase of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">645,000</div> shares of the Company&#x2019;s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.60</div> per share. The warrants have a term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> months from the date of issuance. The Company received gross proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.1</div> million (See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>).</div></div>
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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835216
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CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2018Q1 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Taxes Payable Current
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CY2018Q1 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"><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: 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 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>
CY2018Q1 us-gaap Warrants And Rights Outstanding
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CY2018Q1 us-gaap Warrants And Rights Outstanding
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CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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11982504

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