$CNET
ZW Data Action Technologies Inc.

2019 Q1 Form 10-Q Financial Statement

#000117184319003512 Filed on May 20, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $8.567M $8.260M
YoY Change 3.72% 13.71%
Cost Of Revenue $8.125M $7.659M
YoY Change 6.08% 27.82%
Gross Profit $442.0K $601.0K
YoY Change -26.46% -52.75%
Gross Profit Margin 5.16% 7.28%
Selling, General & Admin $979.0K $1.928M
YoY Change -49.22% 0.1%
% of Gross Profit 221.49% 320.8%
Research & Development $201.0K $218.0K
YoY Change -7.8% -44.81%
% of Gross Profit 45.48% 36.27%
Depreciation & Amortization $38.00K $216.0K
YoY Change -82.41% -38.98%
% of Gross Profit 8.6% 35.94%
Operating Expenses $1.180M $2.146M
YoY Change -45.01% -7.54%
Operating Profit -$738.0K -$1.545M
YoY Change -52.23% 47.28%
Interest Expense $11.00K $10.00K
YoY Change 10.0% -41.18%
% of Operating Profit
Other Income/Expense, Net -$363.0K $971.0K
YoY Change -137.38% -4955.0%
Pretax Income -$1.101M -$574.0K
YoY Change 91.81% -46.3%
Income Tax $39.00K -$4.000K
% Of Pretax Income
Net Earnings -$1.138M -$565.0K
YoY Change 101.42% -48.02%
Net Earnings / Revenue -13.28% -6.84%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.600M $7.503M $2.952M
Short-Term Investments
Other Short-Term Assets $9.000K
YoY Change
Inventory
Prepaid Expenses
Receivables $6.830M $3.567M $7.215M
Other Receivables $2.094M $2.646M
Total Short-Term Assets $10.61M $18.59M $16.90M
YoY Change -42.93% 6.13% 16.75%
LONG-TERM ASSETS
Property, Plant & Equipment $112.0K $264.0K $299.0K
YoY Change -57.58% -37.59% -36.52%
Goodwill $5.483M $5.277M
YoY Change 9.7% 6.18%
Intangibles $41.00K $3.786M $3.808M
YoY Change -98.92% -45.92% -47.58%
Long-Term Investments $782.0K $753.0K
YoY Change 9.68% 6.21%
Other Assets
YoY Change
Total Long-Term Assets $7.943M $13.82M $11.66M
YoY Change -42.52% -9.69% -25.1%
TOTAL ASSETS
Total Short-Term Assets $10.61M $18.59M $16.90M
Total Long-Term Assets $7.943M $13.82M $11.66M
Total Assets $18.55M $32.41M $28.56M
YoY Change -42.75% -1.25% -4.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.165M $832.0K $2.851M
YoY Change 40.02% 109.05% 2695.1%
Accrued Expenses
YoY Change
Deferred Revenue $1.644M $3.559M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.358M $8.036M $12.96M
YoY Change -8.44% -27.9% 70.12%
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 $7.358M $8.036M $12.96M
Total Long-Term Liabilities
Total Liabilities $8.444M $8.976M $13.10M
YoY Change -5.93% -20.37% 69.08%
SHAREHOLDERS EQUITY
Retained Earnings -$35.65M -$21.05M -$20.49M
YoY Change 69.34% 83.88% 97.71%
Common Stock $16.00K $16.00K $14.00K
YoY Change 0.0% 33.33% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.683M $23.25M $15.29M
YoY Change
Total Liabilities & Shareholders Equity $15.08M $32.41M $28.56M
YoY Change -53.48% -1.25% -4.93%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income -$1.138M -$565.0K
YoY Change 101.42% -48.02%
Depreciation, Depletion And Amortization $38.00K $216.0K
YoY Change -82.41% -38.98%
Cash From Operating Activities -$2.270M -$3.179M
YoY Change -28.59% 58.4%
INVESTING ACTIVITIES
Capital Expenditures $1.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$36.00K -$2.156M
YoY Change -98.33%
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 -2.270M -3.179M
Cash From Investing Activities -36.00K -2.156M
Cash From Financing Activities 9.770M
Net Change In Cash -2.259M 4.551M
YoY Change -149.64% -326.76%
FREE CASH FLOW
Cash From Operating Activities -$2.270M -$3.179M
Capital Expenditures $1.000K
Free Cash Flow -$2.270M -$3.180M
YoY Change -28.62% 58.45%

Facts In Submission

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CY2019Q1 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <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=" 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 0.25in; 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>Through a share exchange transaction consummated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 26, 2009, </div>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 sales channel expansion and the related data services to small and medium enterprises in the PRC, through distribution of the right to use search engine marketing service the Company purchased from key search engines, online advertising placements on the Company&#x2019;s advertising portals, sales of effective sales lead information and provision of TV advertising service. In early <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company announced its expansion into the blockchain industry and the related technology. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company was still in the process of developing its blockchain-powered marketing and advertising application platform (See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>).</div></div>
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2019Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2019Q1 us-gaap Nonoperating Income Expense
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CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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P1Y350D
CY2019Q1 us-gaap Operating Loss Carryforwards
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CY2019Q1 us-gaap Other Assets Current
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CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2019Q1 us-gaap Other Liabilities Current
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Payments Of Stock Issuance Costs
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CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
CY2018Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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CY2019Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
CY2018Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
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CY2019Q1 us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
CY2018Q1 us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
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CY2019Q1 us-gaap Payments To Acquire Longterm Investments
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CY2018Q1 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000
CY2019Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
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CY2018Q1 us-gaap Proceeds From Bank Debt
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CY2019Q1 us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
CY2018Q1 us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
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CY2019Q1 us-gaap Profit Loss
ProfitLoss
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ProfitLoss
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
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CY2019Q1 us-gaap Provision For Doubtful Accounts
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CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2019Q1 us-gaap Repayments Of Bank Debt
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CY2018Q1 us-gaap Repayments Of Bank Debt
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ResearchAndDevelopmentExpense
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CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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2.49
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0
CY2019Q1 us-gaap Selling And Marketing Expense
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ShareBasedCompensation
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ShareBasedCompensation
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
835216
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
835216
CY2018Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
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CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.49
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.49
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y14D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y288D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P2Y14D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y288D
CY2019Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
891000
CY2018Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
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CY2019Q1 us-gaap Statutory Accounting Practices Retained Earnings Not Available For Dividends
StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends
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CY2018Q4 us-gaap Statutory Accounting Practices Retained Earnings Not Available For Dividends
StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends
2607000
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23430000
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
3120000
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2997000
CY2019Q1 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"><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"><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: 6.55pt"></td> <td style="width: 21pt">d)</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 27.55pt; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.55pt; text-align: justify; text-indent: 0in">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></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2019Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
200000
CY2018Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
400000
CY2019Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
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CY2018Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
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CY2018Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
801000

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